powered by

the
legacy
of
oneness
3 0 th a n n u a l r e p o r t
2016-17
“leave this world better
than you found it.”

Dr. Bhavarlal H. Jain (1937-2016)

Founder & Chairman till 25th Feb 2016

“enterprise instead of money,

hardwork instead of wealth
and responsibility
instead of glory.”
 content
IT STARTED WITH ONE 2 cORPORATE IN BRIEF
Corporate information 113
Five years at a glance 114
A LETTER FROM THE CHAIRMAN 72 Key performance indicators 115
Consolidated Revenue Segmentation 118

MD SPEAKS 73 Statutory Reports

Board’s Report 119
Annexure I Form AOC-1 133
BOARD OF DIRECTORS 74 Annexure II Corporate Social Responsibility Report 135
Annexure III Corporate Governance Report 137
Annexure IV Management Discussion and Analysis 155
OUR HISTORY AND KEY MILESTONES 76 Annexure V Register of loans, guarantee, security & acquisition 169
Annexure VI Form No. MGT 9 Extract of Annual Return 170
Annexure VII Remuneration to Directors 193
THE NEXT STEP IN AGRICULTURE 78 Annexure VIII Disclosure on Managerial Remuneration 194
Annexure IX Related Party Transactions Form No. AOC-2 197
Annexure X Form No.MR-3 :Secretarial Audit Report 199
AWARDS 80 Annexure ‘A’ To Secretarial Audit Report 201
Annexure XI Details of Employees pursuant to section 134 of Act 202

CLOSE TO CUSTOMERS WORLDWIDE 82

Financial Statements
Standalone
JAIN UNIVERSE 83 Independent Auditor’s Report 203
Annexure-1 to The Independent Auditor’s Report 205
Annexure 2 to The Independent Auditor’s Report 207
OUR SUPPORT SYSTEMS 84 ƒ† ‡”–‹Ƥ…ƒ–‹‘ ͚͘͡
Balance Sheet 210
–ƒ–‡‡–‘ˆ”‘Ƥ–ƒ†‘•• ͚͙͙
COMPANY SNAPSHOT 88 Cash Flow Statement 212
Statement of Changes in Equity 214
Notes 216
BUSINESS SEGMENTS 90 Consolidated
Independent Auditor’s Report 290
Annexure - 1 to the Independent Auditor’s Report 292
BRAND UNIVERSE 92 Consolidated Balance Sheet 294
–ƒ–‡‡–‘ˆ‘•‘Ž‹†ƒ–‡†”‘Ƥ–ƒ†‘•• ͚͡͝
Consolidated Cash Flow Statement 296
BUSINESS RESPONSIBILITY REPORT 94 Statement of Change in Equity
Notes
298
300

‘”™ƒ”†‘‘‹‰–ƒ–‡‡–

–Š‹•—ƒŽ‡’‘”–ǡ™‡Šƒ˜‡†‹•…Ž‘•‡†ˆ‘”™ƒ”†Ž‘‘‹‰‹ˆ‘”ƒ–‹‘–‘‡ƒ„Ž‡‹˜‡•–‘”•–‘…‘’”‡Š‡†‘—”’”‘•’‡…–•ƒ†–ƒ‡‹˜‡•–‡–†‡…‹•‹‘•ǤŠ‹•”‡’‘”–ƒ†‘–Š‡”
•–ƒ–‡‡–•Ǧ™”‹––‡ƒ†‘”ƒŽǦ–Šƒ–™‡’‡”‹‘†‹…ƒŽŽ›ƒ‡…‘–ƒ‹ˆ‘”™ƒ”†Ž‘‘‹‰•–ƒ–‡‡–•–Šƒ–•‡–‘—–ƒ–‹…‹’ƒ–‡†”‡•—Ž–•„ƒ•‡†‘–Š‡ƒƒ‰‡‡–ǯ•’Žƒ•ƒ†ƒ••—’-
tions. We have tried, wherever possible, to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words
‘ˆ•‹‹Žƒ”•—„•–ƒ…‡‹…‘‡…–‹‘™‹–Šƒ›†‹•…—••‹‘‘ˆˆ—–—”‡’‡”ˆ‘”ƒ…‡Ǥ‡…ƒ‘–‰—ƒ”ƒ–‡‡–Šƒ––Š‡•‡ˆ‘”™ƒ”†Ž‘‘‹‰•–ƒ–‡‡–•™‹ŽŽ„‡”‡ƒŽ‹•‡†ǡƒŽ–Š‘—‰Š™‡
„‡Ž‹‡˜‡™‡Šƒ˜‡„‡‡’”—†‡–‹‘—”ƒ••—’–‹‘•ǤŠ‡ƒ…Š‹‡˜‡‡–•‘ˆ”‡•—Ž–•ƒ”‡•—„Œ‡…––‘”‹••ǡ—…‡”–ƒ‹–‹‡•ƒ†‡˜‡‹ƒ……—”ƒ–‡ƒ••—’–‹‘•Ǥˆ‘™‘”—‘™”‹••
or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers
•Š‘—Ž†„‡ƒ”–Š‹•‹‹†Ǥ‡—†‡”–ƒ‡‘‘„Ž‹‰ƒ–‹‘–‘’—„Ž‹…Ž›—’†ƒ–‡ƒ›ˆ‘”™ƒ”†ǦŽ‘‘‹‰•–ƒ–‡‡–ǡ™Š‡–Š‡”ƒ•ƒ”‡•—Ž–‘ˆ‡™‹ˆ‘”ƒ–‹‘ǡˆ—–—”‡‡˜‡–•‘”‘–Š‡”™‹•‡Ǥ

1
 Š‡Œ‘—”‡›‘ˆ ƒ‹””‹‰ƒ–‹‘›•–‡•–†Ǥ
started with a young boy who wanted to
excel at his studies, even if it meant
studying under the only lamp in his village.
His determination and ideas
revolutionalised the face of the agricultural
industry in India and in turn, he was
”‡…‘‰‹•‡†‰Ž‘„ƒŽŽ›ˆ‘”Š‹•™‘”Ǥ
But more than recognition, it was his
devotion to do good for the society that
‰ƒ‹‡†Š‹–Š‡ƒơ‡…–‹‘‘ˆ‹ŽŽ‹‘•Ǥ
In no time, our founder chairman,
ƒ†ƒ•Š”‡‡ƒ–‡”ǤŠƒ˜ƒ”ŽƒŽ ƒ‹„‡…ƒ‡
ǮŠƒ—ǯȋ„”‘–Š‡”Ȍˆ‘”ƒŽŽ–Š‘•‡™Š‘™‘”‡†
for and with him. His journey became an
inspiration and his legacy laid the
ˆ‘—†ƒ–‹‘‘ˆ Ǥ
As a staunch Gandhian, Bhau valued the
power of unity above all else. A vision of
togetherness that allows us to come
It
together without compromising on our
individuality. He taught us to stand
Šƒ†Ǧ‹ǦŠƒ†–Š”‘—‰Š–Š‹…ƒ†–Š‹
started
„‡…ƒ—•‡Š‡„‡Ž‹‡˜‡†–Šƒ–™‹–Š–‡ƒ™‘”
and collaboration, wonderful things can be
achieved. That true strength lies in a united
with
front where everyone believes – every drop
counts and every thought counts. one.
Šƒ——”–—”‡†‡˜‡”›‡„‡”‘ˆ ‹
such a way that they adapted these values
as their own with the same commitment
and passion. To the point that the lesson of
unity runs in the DNA of the organisation
ƒ†‡ƒ…Š‡„‡”‘ˆ–Š‡ ˆƒ‹Ž›‹•‹–•
proud guardian. Perhaps it is what made
–Š‡‘Ž›†‹ƒ…‘’ƒ›‹–Š‡ ‘”–—‡
ƒ‰ƒœ‹‡Ǯ•Ž‹•–‘ˆ–‘’͘͝‘•–‹ƪ—‡–‹ƒŽ
companies of the world. And Fortune
ƒ‰ƒœ‹‡Šƒ‹Ž‡† ƒ•–Š‡‘Ž›†‹ƒ
Company in the top 51 companies who are
changing the world and ‘Doing Well by
Doing Good’. Even when we’ve come so far,
ƒŽŽ–Š‡•‡”˜‹…‡•ƒ†ƒ…Š‹‡˜‡‡–•‘ˆ 
are direct outcomes of this deep-rooted
˜ƒŽ—‡ǤŠ‡’”‹…‹’Ž‡•‘ˆ•–ƒ›‹‰ƒ†™‘”‹‰
as one aren’t just things that we write on
the wall. They’re commitments held by
‡˜‡”›ƒ••‘…‹ƒ–‡ǡ•–ƒ‡Š‘Ž†‡”’ƒ”–‡”ƒ†
farmer. They’re tenets that have stood true
through time and have been shared
between generations. They’re values that
Ž‹˜‡‹–Š‡•–‘”‹‡•‘ˆ–Š‡ƒ••‘…‹ƒ–‡•‘ˆ Ǥ

2
3
4
They say time heals.
But this feels
Ž‹‡ƒ™‘—†–Šƒ–‡˜‡”™‹ŽŽǤ

I remember his loving touch, full of care.

While moving his hand through my hair,
•ƒ‹†ǡ–‘Š‡Ž’‡ˆƒŽŽƒ•Ž‡‡’Ǥ
And I hope he felt it when,
With tears in my eyes, I did the same
While he was in a sleep so deep.

He taught me to stand on my own two feet.

†ƒŽŽ…‘—Ž†–Š‹‘ˆ™ƒ•Š‹••—’’‘”–
throughout for me, as I held his hand.
In the last few days that remained,
While he tried to get up and will himself
‘™ƒŽƒ‰ƒ‹Ǥ

Until we A Poem by Athang

for Dada.

meet again
Dada.
‡–‘Ž†‡–‘„‡‰‡‡”‘—•ƒ†‹†–‘–Š‘•‡‹‡‡†Ǥ
He always believed in giving the best in all aspects.
He had crazy dreams and ambitions
And the discipline to match them.
He always expected excellence and greatness
And from me, no less.
Nobody's perfect but if something inspires
You to be, it's a gift to cherish forever.

Š‡›•ƒ›‰‘‘†„›‡•ƒ”‡†‹ƥ…—Ž–ƒ†–Š‡›ƒ”‡Ǥ
But what of the times when you
Never got a chance to say goodbye?

Maybe it's a sign that somewhere in the stars,

We will meet again and go on
ƒ•’ƒ…‡™ƒŽ–‘ƒ•™‡”–Š‡›•–‡”‹‡•
Of the universe.

I was his shadow from the time I can remember.

A person loses the shadow at night,
But what is the shadow without a person, right?

5
6
 ͙͟͟͡ǡ™ƒ•ƒ‘”•Š‘’—’‡”‹–‡†‡–
in a Govt. Polytechnic College. Bade Bhau
ƒ•‡†‡–‘Œ‘‹ ƒ•–Š‡—–‘‘„‹Ž‡
Service Centre In-charge. If I had
continued with my previous job, I might
have retired many years ago or might not
have existed by now. But at the age of 83,
I am hale and hearty and loving every day
ƒ– Ǥ–„‡…ƒ‡’‘••‹„Ž‡‘Ž›„‡…ƒ—•‡‘ˆ
the healthy lifestyle we follow here and the
•—’’‘”–”‡…‡‹˜‡†„› ‡„‡”•ˆ”‘
time to time.

If I had continued
with my previous job,
I might have retired
Many years ago
or might not have
existed by now.
Shravan V. Patil, I will forever treasure the memories
Sr. President - SCM of Bade Bhau – especially when he, with
(Fruits & Vegetables) his entire family, not only attended my
daughter’s wedding ceremony but also
stood with me at the gate to greet the
wedding guests. Considering the way
Bade Bhau has raised the next
‰‡‡”ƒ–‹‘ǡŠ‹•Ž‡‰ƒ…›™‹ŽŽ‡‡’‰”‘™‹‰
by leaps and bounds through many
more generations to come.

7
 I started my career on 10th June, 1996
‹–Š‡‹••—‡—Ž–—”‡ƒ„ƒ•ƒ‘’‡”ƒ–‘”Ǥ
”‡ƒŽ‹•‡†–Šƒ– ‹•ƒ‘”‰ƒ‹•ƒ–‹‘
based on a family-oriented culture.
‡Ž‡ƒ”‡†ˆ”‘•Š‘Šƒ—ƒ„‘—–
perfection and quality execution.
Ajit Bhau gives us guidelines on use
of advanced technology, automation,
etc. and our Production Head always
supports our whole team. Because of
this, our tissue culture division became
the world’s no. 1 on the basis of quality
and quantity.

Women
empowerment
was one of the
key values in
Bade Bhau’s life.
Kalyani K. Moharir, Here I must say that our Tissue Culture
Manager - Production division is fully automated but still
(Tissue Culture) thousands of women have employment
in this division. Women empowerment
™ƒ•‘‡‘ˆ–Š‡‡›˜ƒŽ—‡•‹ƒ†‡Šƒ—ǯ•
Ž‹ˆ‡ǤŠ‡™‘”…—Ž–—”‡ƒŽŽ‘™•ƒ†
encourages me to learn new things
every day. I started as a lab operator but
I have reached up to the manager level.
I completed my M.Sc. and am now doing
my Ph.D. in Biotechnology.

8
9
 I was totally
mesmerized by the
spirit of my former
classmate who had
now evolved into
a dynamic young
entrepreneur.
I studied with Bade Bhau in
R. A. Potdar College. But our
association began in 1968 when we
reconnected. I was totally
mesmerized by the spirit of my former
classmate who had now evolved into
a dynamic young entrepreneur. I quit
my job to join his organisation
immediately. It’s been 46 years since
ƒ†–Š‹‹–™ƒ•–Š‡„‡•–†‡…‹•‹‘
of my life!

Arun S. Ajgaonkar,
Sr. President,
Corporate Administration

10
I was admitted in the
best hospital in Mumbai
and no expenses were
spared when it came to
my treatment.
Jain Irrigation has motivated many
ordinary associates to perform
extra-ordinarily. Moreover, we have
ƒŽŽ„‡‡ƒ†‡–‘ˆ‡Ž–Ž‹‡™‡ƒ”‡’ƒ”–
of one big happy family. The one
instance that really stands out was
‘‡™Š‡–Š‡…‘’ƒ›–‘‘…ƒ”‡
of my hospitalisation when I
suffered from a sudden heart
ƒ––ƒ…Ǥ™ƒ•ƒ†‹––‡†‹–Š‡„‡•–
hospital in Mumbai and no expenses
were spared when it came to my
treatment. It’s truly heartening to
be a part of a culture that cares for
its employees!

Rajnikant B. Jain,
Sr. President - Technical Support
(Green Energy)

11
 As a Gandhian,
he set up all
manufacturing
units in rural
areas to develop
and improve the
skills and
livelihood of the
nearby villagers.
My association with Jain Irrigation
began in 1987 when the management
decided to enter into Drip Irrigation
Systems. Bade Bhau had the dream
of setting up an international standard
manufacturing plant for drip irrigation
in Jalgaon. As a true Gandhian, he set
up his manufacturing units in rural
areas to develop and improve the
•‹ŽŽ•ƒ†–Š‡Ž‹˜‡Ž‹Š‘‘†‘ˆ–Š‡‡ƒ”„›
villagers. I was completely charged
with his vision and decided to follow
him and his thoughts. What’s more,
I’m proud to be a part of a team that
steadfastly follows the exemplary
example that the founder had given.

Jayprakash J. Kulkarni,
Sr. President - Technical Support
(Mechanical Services)

12
Jain Irrigation
has played a great
role in shaping
my sensibilities
Jain Irrigation has played a great
role in shaping my sensibilities and
have a lot of respect for the founder
Shri. Bade Bhau. He was extremely
ƒ…–‹˜‡ƒ†‡’–Š‹•‡Žˆ„—•›ƒŽŽ–Š‡
–‹‡Ǥ‹––Ž‡•—”’”‹•‡–Š‡ǡ™Š‡
initiated the topic of my retirement,
he told me “One should always be
active irrespective of age because
an idle man is a trouble for the self
as well the others.”

Giridharilal R. Oswal,
Sr. President,
‘”’‘”ƒ–‡ơƒ‹”•

13
14
What started as
a small idea became
a big revolution.
Professionally it is
immensely satisfying
to be a part of this
revolution. Šƒ˜‡„‡‡Ž—…›‡‘—‰Š–‘„‡ƒ’ƒ”–
of this organisation from the year of
its inception. Soon after joining the
company, it was clear that the
Sudhakar Maddila, potential growth opportunities for the
Chief Executive Officer, concept of modern irrigation systems
NaanDanJain, Israel are immense. The company
passionately moved ahead, farm after
farm, spreading the concept to newer
regions in India, adopting the Total
System Approach to more and more
crops. What started as a small idea
became a big revolution and today is a
mammoth organisation in India and
worldwide. Professionally it is
immensely satisfying to be a part of
this revolution. More importantly, the
satisfaction comes from the fact that
the farmers, who believed and
adopted these modern technologies,
™‡”‡‹‡•‡Ž›„‡‡Ƥ–‡†ƒ†…‘—Ž†
turn their farms into successful
‘business units’.

15
 I was felicitated
in the presence
of everyone for
achieving our
target of
700 crores.
One of my fondest memories is one
where Bade Bhau sent me an
appreciation letter on the recovery of
a subsidy. This taught me an
important lesson; to be large-hearted
and share one’s success with the team.
In another instance, I was felicitated in
the presence of everyone for
achieving our target of 700 crores.
The company had entrusted me with
–Š‡”‡•’‘•‹„‹Ž‹–›–‘ƒ”‡–ƒ†
distribute drip irrigation material all
over Maharashtra. I have truly
imbibed a lot of valuable lessons from
all the four Jain brothers and I am
grateful to be a part of this wonderful
organisation.

Abhay K. Jain,
President,
Marketing (MIS) - Maharashtra

16
I feel proud that
I am serving an
institution which
is created for
enhancing value
to all stakeholders
My growth from lower management
to middle management and then to
top management has been possible
„‡…ƒ—•‡‘ˆ ǯ•ˆƒ‹–Š‹‡Ǥˆ‡‡Ž
proud that I am serving an
institution which is created for
‡Šƒ…‹‰˜ƒŽ—‡–‘ƒŽŽ•–ƒ‡Š‘Ž†‡”•
through its innovative business
model and particularly benefitting
the farmers of the country. The
principles and value systems here
are the real inspirations for me and
–Š‘—•ƒ†•‘ˆƒ••‘…‹ƒ–‡•Ž‹‡‡Ǥ
We all are aware about the future
…ŠƒŽŽ‡‰‡•ǡ”‹••ǡ…‘’‡–‹–‹‘•ǡ
expectations, etc. but with the
guiding principles laid down by our
Bade Bhau, we are confident that
we will overcome all challenges.

Manoj L. Lodha,
Chief Financial Officer

17
 “Plan as if we are going
to live for 100 years
and execute as if we
are going to die
tomorrow - one of the
best growth tonics by
Bhau.”
Dr. Shailesh R. Vasane
Manager - Production
(Tissue Culture)
DzŠ‡…‘’ƒ›ǯ•™‘”…—Ž–—”‡ƒ†
…‘”’‘”ƒ–‡’Š‹Ž‘•‘’Š›‡‡’•—•ƒŽŽ
Š‘‘‡†–‘‰‡–Š‡”Ž‹‡‘‡„‹‰
ˆƒ‹Ž›Ǥ
“Bade Bhau was a visionary
who could nurture the
hidden potential of an
ordinary person to achieve
the extraordinary.”
Gautam I. Desarda
Sr. Manager - Cultivation
(Onion and Vegetables)
“I have served more than
‹•ƒŽ™ƒ›•ƒ‰”‡ƒ–
support for the associates in need. 18 years in JISL. my
͚͘͘͝ǡ™Š‹Ž‡™ƒ•™‘”‹‰ƒ– confidence is rebuild by

ǯ•›†‡”ƒ„ƒ†’Žƒ–ǡ›
brother-in-law passed away in
Mumbai. At that point,
Bade Bhau’s active
Š”‹•Š‘Šƒ—ƒ””ƒ‰‡†› support in all the
–‹…‡–••‘–Šƒ–…‘—Ž†ƒ––‡†–Š‡
cremation ceremonies in time.”
Pravin R. Rane
Manager - Production
(Food Processing)
possible forms, which i
can’t express in words.”
Dhairyashil K. Pawar
Assistant Manager,
Public Relations

18
“In 2010, we learnt a “Fair opportunities are
new work philosophy, given to all associates of
‘Change is the the company. The sense of
harbinger of accomplishment I feel
progress’ by the
blessings of every day along with the
Bade Bhau – that appreciation given by my
charged all of us with company is overwhelming.”
new enthusiasm and Sukumar S.
Sr. Manager - R&D
commitment.” (Plastics)

Vishal A. Rade
Jr. Manager - Logistics
(Plastics)

Dz– ǡ‘–‘Ž›–Š‡
senior associates but
ƒŽ•‘ƒ•Š‘’ƪ‘‘”
operator enjoys equal “JISL’s strong value
opportunity and easy system accompanied by
access to the top
management. The
company’s mission to
a focus on creating
leave the world shared value for its
better than we found
it, was set way before customers can be
the term ‘sustainable
development’ was termed as the perfect
coined.”
recipe for growth.”
Atin Kumar Tyagi
Manager - Systems Hemant V. Mutha
(Management Systems) Dy. Manager - Marketing
(Plumbing Pipes)

19
 JISL values people,
their ethics, their
honesty and
their hard work
by giving equal
opportunities
to all.
›‡š’‡”‹‡…‡™‹–Š Šƒ•„‡‡˜‡”›
worthwhile, enriching and fulfilling.
‡‘ˆ–Š‡”‡ƒ”ƒ„Ž‡–Š‹‰•ƒ„‘—–
the company is the number of social
’”‘Œ‡…–•‹–Šƒ•—†‡”–ƒ‡Ǥ ˜ƒŽ—‡•
people, their ethics, their honesty and
–Š‡‹”Šƒ”†™‘”„›‰‹˜‹‰‡“—ƒŽ
opportunities to all. Few years ago,
the economic situation in US was very
…ŠƒŽŽ‡‰‹‰™‹–Š’‹•Ž‹’•„‡…‘‹‰ƒ
common affair for most companies.
During those troubled times, our
operations were also not performing
well and the entire organisation was
•–”‡••‡†Ǥ—– ƒ••—”‡†‹–•
associates that their bread and butter
was safe. At that point, one of my
colleagues who happens to be a US
…‹–‹œ‡”‡ƒ”‡†–Šƒ–ǡDz‘™‘™
the difference between an Indian and
an American company.”

Sunil S. Deshpande,
Managing Director,
Jain Farm Fresh Foods Ltd.

20
JISL has always
made sure that the
associates and
their families are
well taken care of.
In my very first meeting with Bade
Bhau, he welcomed me with an
embrace, even though I was just an
interview candidate for the
company. JISL has always made
sure that the associates and their
families are well taken care of. And
in 1996, while I was away on an
overseas tour for a couple of
months, Bhau arranged for my wife
and daughter to fly out to London
and spend a week with me. I clearly
remember my first interview when
Bhau asked me about the time I
plan to spend in JISL. I told him that
I intent to stay for long. Today, I can
proudly say that I kept my word and
from the past 25 years I have been
going strong in the company.

Avdhoot V. Ghodgaonkar,
Company Secretary

21
 I learnt that an
organisation is
based on a defined
culture which again
is based on values
of humanity, love
and respect.
I had the privilege to meet and get
associated with Shri Bhawarlalji Jain
when he was a trader-farmer only.
I was also lucky to be one of those
who entered the old pipe factory which
he had purchased in an auction. As the
company grew, my own business grew.
But the most important aspect was the
growth in faith, trust and dependence
on each other. Bade Bhau was a man
of discipline a man who believed in
planning. Needlees to say, we two very
quickly reached the top in advertising,
publicity and public relations. From my
stint at Jain Irrigation, I learnt that an
organisation is based on a defined
culture which again is based on values
of humanity, love and respect.

Anand Gupte,
Sr. Advisor,
Publications

22
It is this unrelenting
pursuit for the best that
drives all at Jains and
permeates every aspect
of this organisation.
It must be about 20 years ago that
Bhau came to stay at my house in
Matheran with some of his family
and friends. He was so fascinated by
the thick forest that he told me that
he would convert the recently
acquired Jain Hills into another
Matheran.
I was sceptical as I had seen the
piece of barren land, but fortunately
said nothing. For not only did he
create the incredible forests and
foliage, but created a biodiversity
and infrastructure that could rival
the best in the world! It is this
unrelenting pursuit for the best that
drives all at Jains and permeates
every aspect of this organisation.

Farhad Gimi,
Sr. Advisor,
Communications & Branding

23
 I could observe
various facets
of Bhau,
particularly THE
Gandhian way of
doing successful
business.
I had a very brief meeting with Bhau in
1988 and I was so inspired with his
thoughts that many more meetings
were to follow. These interactions with
Bhau were great learnings for me as I
could observe various facets of Bhau,
particularly the Gandhian way of
doing successful business. Bhau’s
thoughts on sustainability even in the
80s were so clear. People in businesses
had never thought about it that way.
Bhau has done so much for the
country and farming community.
We now have a great legacy to live up to.

Dr. Dilip N. Kulkarni,

President - Technical Support,
(Food Processing)

24
 “I’ve learnt during my
“Within a short period of joining JISL, time at JISL, that one
I realised the greater degree of
freedom in work and transparency. should not compromise
The encouragement from senior
management and associates has
on quality, we all should
helped me in adapting the guiding
principles of the company and given
be humble, do good and
me a sense of belongingness. treat everyone as equal.”
Together, the JISL family nurtures
the environment and contributes to Dr. Sudhanshu S. Bharadwaj
the water and food security.” Manager - R&D
(Food Processing)
Vijay L. Samdani
VP - Projects (IT)

“We learnt from Bade

“JISL is committed towards social
Bhau how to live an
responsibility and welfare of its
ƒ••‘…‹ƒ–‡•ǤŠ‡™ƒ••—ơ‡”‹‰ˆ”‘
ideal, righteous,
obstructive jaundice, I was unable to
work for 2 months. With the support of
disciplined, austere,
Shri. Bade Bhau and Shri. Ashok Bhau efficient, altruistic
who helped me with everything during
my treatment I recovered soon. After yet tastefully
›”‡…‘˜‡”›ǡ™Š‡Œ‘‹‡†‘ƥ…‡ƒ‰ƒ‹ǡ
special provisions were made for me as resplendent life.”
per medical advice.” Ankur S. Jain
Manager - Exports
Abhishek Satyam (On Demand Irrigation)
Assistant Manager - Systems
(Management Systems)

25
 “Because of company’s
“Because of Bade Bhau’s
encouragement and guidelines, we’re
support I acquired a ready to face natural
calamit
calamities in the farming
ience.
Doctorate in Science. sector. The scenario of
Indian agriculture
a and
I have grown to be farmers has been
a better human change
changed due to many
modern technologies
au’s
being under Bhau’s brought by him.”
brough
profound tutelage.”
age.” Vitthalsingh B. Patil
Sr. Scientist - Agriculture
Anil B. Patil (Extension)
Sr. VP - Production
(Tissue Culture)

“I take pride in being “JISL is not an ordinary

a part of the Jain
Irrigation Systems which
is consistently producing
company that only works
high quality product for
the betterment of the
for profits. It’s an
more than 75% of Indian institution of knowledge,
population i.e. farmers.
It is also working for the inventions, technology
conservation of water.”
and education.”
Pramod H. Chaudhari
VP - Project Anilkumar O. Mungad
(On Demand Irrigation) Sr. VP - Audits
(Internal)

26
I never WAIT
for weekends
or holidays.
I love this company and its
management for its transparency,
open door policy, mutual respect,
information it shares with one and
all, the culture of mutual support
and trust. That is why it is a great
experience working here. And that’s
why I never wait for weekends
or holidays.

Anilkumar Kataria,
President,
Marketing (MIS) Southern India

27
 “When JISL transferred me
to Jalgaon from Baroda,
Ashok Bhau made all the
“We work here like a arrangements for the
family and get every transportation of our
kind of support, luggage and my family’s
love, affection, care
and opportunity to food and accommodation.”
grow and prosper.” Sakharam T. Ghodke
Sr. Manager - R&D (Spices)

Kishor B. Sonar
Manager - Development
(Machines and Processes)

“JISL’s work culture

“I have visited many big
has changed me totally
companies but the culture at
JISL is quite unique – it is so
and has Made me more
homely that we can easily punctual, help raise
meet our Chairman and
Managing Directors without social awareness and
a prior appointment.”
work towards helping
Milind R. Kharul
Sr. Manager - Quality Assurance
(Piping)
farmers.”
Vikar A. Khan
Jr. Manager - Product Development
(Plastics)

28
“When ‘Pro Tool AG
Switzerland’ was founded in
1995 I never thought we’d be
part of a big company like
JISL. In 2011 ‘THE Machines
Yvonand SA’ bought majority
of the shares of Pro Tool AG
and we started with our
cooperation. It’s now a
win-win situation for us!”
Toni Schenk
Founder,
Pro Tools, Switzerland
“Our Chairman was always
looking at what he could
do to help others around
him, including farmers,
associates and students.
I am really inspired by his
vision and I’m honoured to
be a part of the growth
story of this organisation.”
Wendy Mittelsdorf
Sales Coordinator,
Cascade Speacialities, USA
‘ơ
“During my visit to JISL
in 2015, I was most impressed
by the culture of the company
and the impact that it had
made on so many lives.
The values founded by the
Chairman are so deeply
engrained in the company
that it has become a way of
life and a way to do business.”
Mike Jacobsen
VP - Operations,
White Oak Frozen Foods, USA
“My stint at JISL presented
me with opportunities to
strengthen my skills. Through
sales and marketing, I learnt
the ability to share my skills
with other teams.”
‡ƒ—”‡‡
Sr. Manager,
Sales & Business Development,
Excel Plastics, Ireland
29
 the products
we make help
farmers around
the world
achieve more
crop per drop
in a manner I had worked in a variety of positions

that is better and had many different supervisors

and division leaders. There is simply
no other company that I have come

for the across where its leaders are living its

mission. Our mission at Jain Irrigation
is to ‘Leave This World Better Than We

environment. Found It’. Our associates demonstrate

this every day through our service. The
products we make help farmers around
the world achieve more crop per drop
Aric Olsen,
President, in a manner that is better for the
Jain Irrigation, USA environment. Our culture encourages
and awards dreaming big, hard work,
results and working as a family. There
are so many reasons why I work at Jains,
but the most significant is probably the
massive leverage that the company can
generate to help the less fortunate.

I have so many fond memories of our

late Chairman B.H. Jain. But on one trip,
I was coming to Jalgaon when our
business results were poor and I was
anxious. But when we sat with him, he
asked us about our families and our
employees back home in USA. He then
explained he wanted to feed the
employees and that he wanted to pay
for this. No matter what was happening
with the business, he would first
enquire about the employees of Jain
Irrigation, Inc. And the Chairman’s
legacy lives on as we’ll continue to
“care for the people”.

30
31
 Till date the
culture and the
values are so
deeply ingrained
that it makes us a
family.
Bhau personally explained the values
and the culture of the company to me.
Till date the culture and the values are
so deeply ingrained that it makes us a
family. It feels like we are all
associates of the company and not
employees. Whether it is on personal
front or professional, the company
associates always extend their support
whenever required. My designation
demands a lot of travel and I am not
always physically around my family.
But if my family needs any help in my
absence, the company associates are
always ready to help.

Sunil D. Gupta,
Executive VP,
QA Food Processing

32
The JISL family stands
by the associate in
good and bad times
independent of THE
individual’s behaviour.
Whether it’s on the medical ground
or educational front or arranging for
pilgrimages of associates’ parents,
the company takes care of it all. The
JISL family stands by the associate in
good and bad times independent of
individual’s behaviour. The company
never compromised on its principles.
Perhaps that’s why, it has come so
far. The company never aimed for
awards but aimed for the betterment
of farmers and society. By pioneering
the drip irrigation system in India,
JISL helped the farmers to yield
more. The technology transformed
their lives. As Bade Bhau said,
‘Always do good for others and
good will happen to you’.

Rajiv B. Deshmukh,
Sr. VP - Banking

33
 A mere meeting
with Bade Bhau
cleared all my
doubts and
motivated me
to take on any
challenge.
I didn’t have any experience of
working as an employee in a company.
A mere meeting with Bade Bhau
cleared all my doubts and motivated
me to take on any challenge.
In 2013, when my family and I were
busy in the preparations for our
daughter’s marriage the company
required me to go to Delhi for a very
urgent job. My family was very
disappointed, but respected Ajit Bhau
and Ashok Bhau arranged everything.
The wedding ceremony was planned
so lavishly that my family and I never
regretted my absence.

Dongarmal I. Desarda,
Sr. VP,
Indirect Taxation

34
“The company treats all “Bade Bhau was as dedicated
associates like owners. to the associates’ personal
I feel absolutely at welfare as he was to
home here. Bade Bhau accomplish any given task
showered his care, at work.”
concern and affection Sanjay A. Daryapurkar
on my family as if it Manager - Projects
(On Demand Irrigation)
was his own.”
Ashok H. Rade
Manager - Production
(HDPE Pipes)

“I hailed from a poor

oor
“It is because of JISL’s
family of a farm
labourer. Bade Bhau
hau
work culture that I’ve
adopted me in hiss family learnt the commitment
and showered care and d
affection on me. to work, positive attitude,
Touched by my poverty
Badibai (Kantabai) gave the right judgement of
me Ashok Bhau’s brand people, the skill to
new imported coat,
without any hesitation.” motivate ordinary people
Prabhakar D. Khode
Officer - Production to achieve extraordinary.”
(Seeds)
Uday V. Mahajan
Chief Co-ordinater - Sustainability

35

“Working 14 to 18 hours
a day, I learned the
new implementations
in the company within
15 days, all of this
under Bhau’s guidance.”
Prabhakar S. Varade
Assistant Manager - Logistics
(Plastics)
“This year is my silver jubilee with
Jain Irrigation Systems Ltd. And
this has been the key phase in my
life and my personal career growth.
The work culture of the company
has made a distinct impact on my
mind. My search for job
satisfaction, rewards and a caring
company ended at JISL. And the
proof is my tenure of 25 years with
the company.”
Mahesh B. Patil
Executive Sr. Manager - Production
(Tubings)
36
“The Company looks after
the associates’ personal
needs and problems with
affection and rewards
aff
their sincerity and hard
the
work generously.”
wor
Narayan G. Lalwani
Vice President - Purchases
“I have climbed up several
rungs of corporate
ladder, over the years,
but never did I feel any
stress or reluctance
while fulfilling my
duties at JISL.”
Aslam Deshpande
Asso. Sr. Manager - Productions
(Fruit Processing)
The simplicity and
values inculcated by
Bhau still stays the
core foundation of
the company.
JISL is probably the only
organisation that gives you freedom
and opportunity to apply thought in
the field of agriculture. The way the
management and especially Bhau
has supported the subject experts
to take valuable steps in this field is
commendable. While established
research institutions struggle to find
new ideas and convert them to
technologies, JISL outdoes itself by
getting high return on crop
production packages with tested
components. An important fact that
makes working at JISL a pleasure is
its friendly environment. The
simplicity and values inculcated by
Bhau still stays the core foundation
of the company.

Dr. P. Soman,
Sr. Scientist,
Agri Extension Services

37
 “Like bade bhau, we
too have dedicated
our lives to work
with his blessings
and we will
progress on the
path shown by him.”
Subhash S. Salunkhe
Sr. Officer - Administration
“Even after 28 years
with JISL, every day in
this company feels like
a new day full of
excitement and
rewarding challenges.”
Vikas S. Malhara
Vice President - Art and Crafts

“JISL is built on one

of Bade Bhau’s most “One can climb up from
important principles
‘Ethics with Profit’.
That’s why we keep
the bottom most to the
working hard and evolve top most of the
through changes and
innovations, to keep our corporate ladder in JISL
profits going up without
compromising our with honesty, sincerity,
ethics.”
creativity and
Shamkant N. Patil
Sr. Manager - Marketing
(Green House)
hard work.”
Gopal S. Ostwal
Sr. Manager - Production
(Injection Moulding)

38
“I have interacted with the
founder on several occasions.
His involvement during my
heart surgery and during
recovery days was a big
support to me and my family.
He insisted that I should not
stay home and should join
naturopathy and yoga.
I am grateful to be
associated with such
compassionate and
charismatic leader.”
Subhash Joshi
Excel Plastics, Ireland
“Since day 1 at JISL,
I knew it was going to be
more than a workplace,
it was going to be my
family. We have all had
our hard and challenging
days, whether in the
workplace or in our
personal lives, but that is
when we strive even
harder to work together
as a team. That is what a
work environment should
be like and that is why I
just celebrated 12 years
at this company.”
Sara B. Schopfer
Manager - Sales,
Jain America, USA
“Jain Irrigation is a company
that gives value and priority to
its people who work towards one
single mission. It evaluates
people in their appropriate
professional fields.”
Cenk Caglayan
Sales Director,
Jain Sulama, Turkey
“I work at Jain Americas
because I believe in the path,
the message and the direction
that the company has chosen
to follow. Working for the
Chapin family who had the
same caring approach to
people and wanting to help
the less fortunate people while
making a product that
contributes to feeding the
world’s population, made this
an easy transition from the
Chapin to the Jain.”
Carson Lennox
General Manager,
Jain Irrigation, USA
39
 This company has
given me every
opportunity to
work in the areas
of my interest.
JISL is a company with strong social
commitments that works for the
upliftment of the farming community
and adds value to their life. This
company has given me every
opportunity to work in the areas of my
interest. Once, when I was working for
the book called ‘Telling Tale’, I saw
Bhau sitting in the library, arranging
books. I was a bit surprised to see the
Chairman of a company doing this
work. I think, he noticed this in my
eyes. And later during our discussion,
he said, “Joshi, today I will share the
secret of my success with you. I never
leave good books and good people
and hence I am successful”. This
thought has changed me and my
personal life. Today, I consider myself
fortunate to be a part of this
organisation.

Abhijeet B. Joshi,
Sr. VP,
Irrigation R&D

40
The company aims
to provide latest
technologies and
resources to the
farmers for
superior
productivity.
I take pride in being associated with
JISL. The company aims to provide
latest technologies and resources to
the farmers for superior
productivity. The food processing
and dehydration plants offers better
rates to the farmers. In 2014, I got a
chance to set up the processing unit
in White Oak Frozen Foods, USA for
six months. To work with the USA
associates and their work culture
has been a whole new experience
for me. I learnt new technologies,
new processes and much more.
During that time, my family, who
had never travelled in domestic
flights also got a chance to stay
with me in USA. All of this was
because of JISL.

Vilas P. Patil,
Sr. VP,
Food R&D

41
 Bade Bhau and
Ajit bhau have
always appreciated
my efforts and
inspired me
through their
continuous support
and co-operation.
During 1988, I was one of the few
associates who was transferred to
newly formed Jain Irrigation Systems
Ltd. Bade Bhau and Ajit Bhau have
always appreciated my efforts and
inspired me through their continuous
support and co-operation. I distinctly
remember when my wife was critical
and admitted in a hospital in Amalner
when Bhau sent a special messenger
with ` 10,000. He conveyed that I
should shift my wife in the best
hospital at Mumbai and not worry
about expenses. I was overwhelmed
by his magnanimity and am extremely
grateful to be a part of an organisation
that values its employees so much.

Somnath P. Jadhav,
Sr. VP - Projects,
Irrigation Systems

42
He always felt that we
owe something to the
society. So, he
established Anubhuti
International Schools.
I am fortunate for having received
the opportunity to work with a
visionary, scholar and a master of
creativity like Bade Bhau. He always
felt that we owe something to the
society. So, he established Anubhuti
International Schools. Similarly, he
established Anubhuti English
Medium School for underprivileged
children. Every person strives for his
own betterment, but Bade Bhau
strived for the betterment of the
entire world. He lived a fulfilling life
and passed on his legacy to the
next generation.

Deelip G. Sankhala,
VP - Marketing,
Piping Systems

43
 I have seen that
we are the
extended family
of the company.
In our company, I have not seen
relationships of employee and
employer but always I have seen that
we are the extended family of the
company. I also learned a very
valuable lesson that ‘commit only
whatever you can deliver.’ Hence, we
always think what best can be done
with our expertise. That’s why today,
Jain Irrigation is known for its world
leading banana production
technology. The impact of its work
culture and our honest and sincere
efforts, we set a world record by selling
7 crore banana plantlets in a year and
changed the banana market. Until
there is prosperity among the farmers,
we or the company will not prosper.
This thought has motivated me to
deliver the best services to the
banana growers.

Kalyansing B. Patil,
VP - Marketing,
Tissue Culture

44
“Bade Bhau always emphasised on
“The growth from a
making machines in India using
indigenous resources, creativity
Technician to a Factory
and skills. We once made a design Manager is only possible
plan for a new dryer on the back of
train ticket while travelling for in JISL with the
an official tour – which was
actualised by JISL using most of guidelines and freedom
the parts made in India. It turned provided by the
out to be the longest dryer in Asia.
Thereafter, we also created
another dryer for our USA facility.”
management.”
Ravindra B. Yeole
Sudhakar B. Mahajan Sr. Manager - Production
Manager - Maintenance (Solar Photo-Voltaic)
Photo-
(Onion & Veg. Dehydration)

“When I joined this company

pany
in 1990, I had studied only
nly up
“I have learnt a great
to VI standard. Respected
ed deal from Bade Bhau.
Ashok Bhau asked me to o do
my work with honesty and He taught me
commitment and
encouraged me to continue how to make
my studies. While working impossible, possible.”
for JISL, I finished my
B. Com. degree.” Nemichand M. Desarda
Vice President - Marketing
Sanjay P. Parakh (Piping)
Associate Vice President - Procurement
(Food Processing)

45

“What I learnt through my
30 years of service in JISL is:
If one works hard with total
dedication, passion and
honesty to attain excellence
in whatever he does nothing
can obstruct his or her success.”
Vivek V. Dangrikar
Manager - Marketing
(Irrigation & Piping)
“Bhau
taught us
how to
create a
world
from zero.”
Rajendra P. Chaudhari
Jr. Manager - Packaging
(Sheet Processing)
46
“The work culture at JISL
and the philosophy,
simplicity and kindness of
Bade Bhau has developed
my personality into a
worthy human being.”
Ms. Swarnalatha R.
Dy. Manager - Quality Assurance
(Food Processing)
“I joined Jain Irrigation as a
Gardner and later Bade Bhau
asked me to join PVC pipe
manufacturing unit. I was
apprehensive due to my lack
of knowledge. But the
guidance and support from
JISL has helped me come
so far.”
Abdulsaleem B. Shaikh
Manager - Recycling
(Sheet Processing)
We follow a very
healthy work
environment here.
We follow a very healthy work
environment here. A few years ago,
a grand conference was organised
at jain hills. Me and my team were
assigned the job to build a huge
display board on the top of the
stage using large PC sheets.
After 73 hours we finished the task.
For which, we received a personal
appreciation letter from
Shri Ashok Bhau. The ability to solve
challenging problems with ease by
our Technical Director,
Shri R. Swaminathan sahib inspires
me and everyone else in my team.
And the encouragement we receive
from Shri Ajit Bhau and
Shri Atul Bhau gives us the strength
to walk that extra mile. It is these
little appreciations from our
mentors that keeps us going strong.

Jitendra S. Jain,
VP - Production,
Piping Systems

47
 JISL is about
inclusive growth.
When I look back at my 17 years here,
it feels like the journey has just begun.
The best part about this organisation
is its working atmosphere. JISL is
about inclusive growth. The culture
here is very different from work
cultures prevailing in today’s
corporate world. One of my best
moments during my association with
the organisation has been the
appreciation mail from our beloved
Bade Bhau and I shall forever be
thankful to Ashok Bhau for seeing the
potential in me. At JISL, it is not about
your education background, it is about
your ability to fulfil your
responsibilities and give the best of
your ability to the organisation.

Roshan R. Shah,
VP - Export Marketing,
Food Products

48
Identifying and
developing the
hidden skills of its
associates is the
key virtue of this
organisation.
When I joined JISL back in 1987,
I was a very reserved person. This
company has taught me to connect
with people in a way I never knew.
The uniqueness of the work culture
inculcated by our founder and
maintained by the present
generation leaders with same
robust spirit is the strength of the
organisation. At JISL, we believe in
adding something positive to the
life of every ordinary individual and
make it extraordinary. Identifying
and developing the hidden skills of
its associates is the key virtue of this
organisation. Most of the associates
are nurtured by their magical touch
of trust, confidence, motivation and
caring concern.

Pradeep S. Naik,
Executive Sr. Manager,
Human Resources

49
 Despite the
generation gap, the
values of Bade Bhau
run consistently
in the family.
In the 23 years of being associated
with JISL, I have seen many ups and
downs. I have been a witness to three
generations of the Jain family. Despite
the generation gap, the values of Bade
Bhau run consistently in the family.

Sanjiv H. Phadnis,
Sr. Manager - Projects,
Green Energy Systems

50
You will never
realise that they
empowered you
with all the
authority.
My personal experience with our
work culture is so unique that,
I really do not understand as to
when I got fascinated with the
working style and fell in love with
the work. Another dimension of the
work culture and the task leaders is
that, you will never realise that they
have empowered you with all the
authority, till you learn to take
charge of the situation on your own.
They say that practice makes you
perfect, but I feel that, practice with
focus makes one perfect and ready
for anything. I originally did not
have the capacities to perform,
but I must agree that it is a gift of
this work culture. It teaches us
that “Hard work has no substitute”.

Ashish P. Bhirud,
Sr. Manager,
Construction Services

51
 Bade Bhau noticed
the worry on my
face and asked me if
everything was fine
at home.
Ever since I joined JISL, this institution
has helped me learn so much through
consistent support from every level.
After my daughter cleared her medical
entrance exam. She filled an
admission form for Wardha Medical
College and submitted it. Somehow,
she made a minor mistake while filling
the form due to which her admission
was denied. As a father, I was a little bit
worried. During one of our meetings,
Bade Bhau noticed the worry on my
face and asked me if everything was
fine at home. When I discussed what
had happened with him, he
immediately connected the line to the
Chairman of Wardha College and tried
to convince him that it was just an
editorial mistake. Due to their strict
policies, the college couldn’t allow the
admission. But this simple effort by
Bade Bhau moved me.

Satishchand. K. Mangal,
Sr. Manager,
‘”’‘”ƒ–‡ơƒ‹”•

52
people keep working
enthusiastically on
their own BELIEVING
THAT ‘We are the
owners of the work’.
In 1979, a stock of processed papain
worth ` 1 lac fell on the floor and
got wasted. Bhau, the man who
started the business with merely
` 7000/- knows the value of such
wastage very well. When it was
intimated to him by the concerned
person, he visited the spot next
morning and simply said ‘alright,
make sure we don’t repeat this
mistake in the future’. I always
wonder, a mere 7000 rupees can
create so much, then how much
this lost amount might have
achieved? There were a number
of such dimensions to Bhau.
That’s why, people keep working
enthusiastically on their own with
his principle of ‘We are the
owners of the work’.

Popatlal M. Chordia,
Executive Manager,
Agriculture R&D

53

“In my journey, I have
seen the two primitive
facilities at Chittoor,
with limited capacity
grow into a
world-class unit.
It has made JISL the
largest processors of
mangoes in the world.”
Sameer R. Sharma
Associate VP - Administration
(Food Processing)
“The Company’s good
work culture, value
system, code of conduct
and discipline reflects
in our personal life as
well. It encourages and
helps the associates
for higher studies.”
Mrs. Jayashri S. Dhawale
Sr. Executive - R&D
(Food Processing)
54
“We are lucky to have the
platform where we can
share and discuss our
views and opinions with
the top management
without any hesitation.”
Shaileshkumar J. Gohel
Manager - Maintenance
(Onion & Vegatables)
“The encouragement and
opportunities endowed on
me by the management has
helped me and my family
progress very well in life.
Bade Bhau’s values have
motivated me to excel in
whatever I do.”
Nitin T. Chaudhari
Sr. Manager - Maintenance
(Electricals)

“Spending time with our
founder was much like
visiting my own father,
he was warm, welcoming,
relaxed and an incredible
visionary of how mankind
could sustain a healthy
future on the available
resources. Our founder
enlisted his family in risking
everything to propagate his
vision of a responsible use of
resources around the globe.”
“The Founder Chairperson’s
optimism and compassion
for all, permeated in
everything he did and said.
His values are very well
embraced in the JISL
mission statement.
I am proud to share this
mission statement with
every step forward.”
John Donnovan
Š‹‡ˆ ‹ƒ…‹ƒŽƥ…‡”ǡ
Jain Irrigation, USA

Kris Nightengale
VP - Sales & Marketing,
Jain Irrigation, USA

“Being with the Jains is

“The Jains have been an
excellent employer and
their commitment to
ethically sourced,
sustainable products has
given our UK sales team
additional opportunities
to grow sales.”
like being in a family.
In my time with the
company, I have watched
others succeed though
the years and I have
realised what a great
company it is to work at.”
Bruce Worthington
General Manager,
Jain America, USA

Andy Bailey
Head of Sales,
Sleaford Quality Foods, UK

55
 Their
encouragement
drove away all my
confusion.
On several occasions, Bade Bhau
wanted to mechanise the banana
hardening activity. I always said it’s
possible but it needs a complete
change in the process. One day he
instructed us to propose a possible
solution. We then proposed a system
and asked several companies to visit
us. Bhau instructed us to go with the
best one even though it was costly.
After Bade Bhau’s passing I had
confusion about the interest in
prevaling science and new
development, especially whom to
report to and discuss with. But
whenever I went to Ajit Bhau for any
new requirement or new ideas it was
always accepted and encouraged.
One day I even received a call from
Anil Bhau asking about a newly
developed molecular biology
on which we had just begun.
Their encouragements drove away all
my confusion.

Dr. Bal Krishna Yadav,

Associate Sr. Manager,
Agriculture R&D

56
When we develop any
product, it’s good to
know that it will help
the nation and
environment in some
way or the other.
Our organisation’s work is related to
farming, renewable energy. Such a
vision makes us feel proud while
working. When we develop any
product, it’s good to know that it
will help the nation and
environment in some way or the
other, like solar products that help
reduce CO2 emissions and promote
green energy. The organisation’s
goals, mission and vision give us a
chance to serve the nation. When
our solar pump is installed in a farm,
we take a photograph of our system
along with the farmer and we
upload on to our website. We feel
true satisfaction and pride about our
work when we see such photos.

Jivan P. Sarolkar,
Manager,
Green Energy R&D

57
 Sustainable,
ethically sourced
products and the
roles the jains
play in enhancing
farmers’ lives
are values which
closely echo
our own.
I am very proud of the role Sleaford
Quality Foods plays within the Jain
business. Sustainable, ethically
sourced products and the role the
Jains play enhancing farmers’ lives are
values which closely echo our own.
So, our joint success will enhance the
lives of others. I was very fortunate
enough to have spent valuable time
with Shri Bade Bhau.

James Arnold,
Managing Director,
Sleaford Quality Foods, UK

58
Bade Bhau would take
many meetings with
junior entry level
ASSOCIATES like me.
THESE were purely
benevolent in nature
and just for our
professional
development.
Working with the Jains for 22 years
has been a rewarding experience.
The food business had just begun
with the construction of new plants,
but the project was facing
excruciating delays and problems.
Amidst all that, Bade Bhau would
take many meetings with junior
associates like me that I think were
purely benevolent in nature and just
for our professional development.
He never hesitated to share his
extensive knowledge and every
interaction with him has been
memorable for me.

Suvan Sharma,
Chief Executive Officer,
Cascade Specialities, USA

59
 I’m proud to be the
oldest
International
associate of Jain
Irrigation.
Due to the uncertain environment
during the Gulf War, I was forced to
shut down my business in Dubai and
was exploring opportunities to start
working with other organisations.
I have been associated with this
esteemed organisation for the past
25 years. What inspired me most in
this organisation was the easy
access to the top management,
quick decision making and passion
to lead in everything that they were
pursuing. In 2009, when my wife
was fighting cancer, Bade Bhau
called me and gave me the choice
of working from home or not at all.
This was an extremely touching
gesture from the great man and
I’m proud to be the oldest
international associate of
Jain Irrigation.

Narinder Gupta,
COO and VP - Intl. Business,
Jain Irrigation, USA

60
What amazed us most
at that time was the
pace at which this
company developed
its reputation.
I founded White Oak Frozen Foods in
2002 during the twilight of my career.
We knew about JISL as a competitor in
Dehydrated Onion industry since the
mid-1990s and the company had
developed an excellent reputation.
What amazed us most at that time
was the pace at which this company
developed its reputation. When we
started discussions on White Oak
acquisition by the Jains, we came to
know about the company values
established by its Founder Chairman
and passed down to generations.
I knew White Oak was in safe hands.
Since the acquisition by Jain in 2012,
I feel I have become part of extended
Jain family. I feel immensely satisfied
about the new heights White Oak is
achieving and the bright future
that awaits this amazing little
business within the Jain portfolio.

Dan Wilkinson,
VP - Sales,
White Oak Frozen Food, USA

61
 “When Jain purchased
Sleaford, it opened up
a whole new range of
opportunities for me to
develop with a successful
multinational company.
The company’s strong faith
in its core values makes it
stand out in today’s
corporate world. I am
looking forward to playing
my part in the near future.”
“The company's focus on the
transformation of the farmer
through technologies allow
integral development and it
makes me believe that, my
profession makes total sense by
implying a positive impact to the
world.”
Antonio Alfredo Teixeira Mendes
General Manager,
NaanDanJain, Brazil

Paul Lawlor
Finance Manager,
Sleaford Quality Foods, UK

“One of the main reasons that I

chose to come to Jain Irrigation
was how impressed I was with its
leadership. During my experience
with the company, I have had the
opportunity to learn and person-
ally witness that this is not only a
Dzˆ‡‡Ž–‘–ƒŽŽ›‹†‡–‹Ƥ‡†™‹–Š
the whole sustainability concept
at Jains. The company aims to
contribute and protect the
environment. And its corporate
values make it the best place
to work.”
Carlos Lavilla
General Manager,
NaanDanJain, Ibérica S.L.U.
local, but a global culture, and the
mission of leaving the world a
better place, is embraced by
everyone.”
Patrick Koop
Director - Human Resources,
Jain Irrigation, USA

62

“Ashok Bhau continues
the custom of morning
walks like Bhau. And the
routine interactions and
technical guidance
comes from Anil Bhau,
Ajit Bhau and Atul Bhau.”
“Only because of the
discipline and inspiring
atmosphere in the
company, I could author
over 3,000 articles in
my past 25 years in JISL.”
Balkrishna D. Jade
Associate Sr. Manager - Extension

Dr. Anil V. Dhake

Sr. Manager - Agriculture
(R&D)

“Ouur company is
“Our
“I visited Italy with
h constantly
connstantly striving
Ashok Bhau and some other
associates for someme work. to ggrow through the
When Bhau came to kknow upliftment of the
upl
that the food arrangement
wasn’t proper, he ordered
me to take all of them out to
farmers, the nation
a good Indian restaurant. and the world.”
I was touched by his concern
about our well-being.” Shrikant W. Yeole
Manager - Production
Pradeep G. Sankhala (HDPE Fittings)
Associate VP - Purchases

63
 “With
determination and
perseverance,
nothing is
impossible; the
associates of JISL
exemplify this.”
Ravindra E. Mahagade
Officer - Production
(Greenhouse)
“The confidence of Bade Bhau in his
associates was unparalleled. He
transformed my vision, broadened
my thought process and taught me
to be a good listener. While Ajit
Bhau taught me how to overcome
the fear and resistance of change.”
Avinash N. Mujumdar
VP - Projects (IT)

“I have been working here for

past 11 years. Bade Bhau used “I feel really
to say, “This is not a company;
it’s a family and all of us are its blessed to be a part
members” and he really made
us feel like that. Since before of such a close-knit
the term, “Corporate Social
Responsibility” was coined,
family that is
Bhawarlalji had been
contributing to social, cultural,
making such a huge
educational, sports and health difference to the
related activities in a big way.”
Sayali N. Vyavahare
world.”
Sr. Officer - R&D Tanuj R. Sharma
(Food Production) Manager - Production
(Tubings)

64
“I’ve had many opportunities
to learn and grow at Jain
Irrigation. I love what I do
every day in my job. By
providing the best customer
service and helping custom-
ers resolve issues, I end
every conversation on a
happy note. It is what I strive
for and I believe the Jain
family cares about its people
and about making world a
better place to live in.”
Sherry Davis
Customer Service Manager,
Jain Irrigation, USA
“Jain Irrigation represents
a team of driven people
with conviction and sincere
motivations to work with high
effort. It supports the lesser
fortunate. I am proud of its
culture and feel connected in
thought and goals within
the organisation.”
Tracey Vincent
Plant Manager,
Jain Irrigation, USA
“It has been my distinct pleasure
to have been associated with
JISL. The founder’s visions
resonate through all levels of
the company and is practiced on
a day-to-day basis. Sustainability
is and has always been the
cornerstone on which the
company is built.”
Carl Hearn
VP - Dehydrated Ingredients,
Cascade Specialties, USA
“The constituting values of JISL,
the work manners of individuals
and the culture allows room for
corporate and individual development.
The company’s support, care and
concern about its associates
is praiseworthy.”
Silas Tan
Regional VP - Market Development,
Asia Pacific, JFFFL, Singapore
65
 he treated every
associate like a
family member and
that, to me, made
him truly noble.
“A man, no matter how busy or big, is
merely one amongst millions in
society”. This was just one of the many
teachings of Bade Bhau, the Founder
Chairman of Jain Irrigation. A true
visionary and a stalwart in his own
right, his support helped me develop
the business in Europe and set-up a
state-of-the-art PVC sheet
manufacturing plant in Ireland. But
above all, he treated every associate
like a family member and that, to me,
made him truly noble.

Ashish Gadi,
VP - Export Marketing,
Excel Plastics, Ireland

66
the fact that the
company reaches out
to farmers with all
the knowledge and
equipments has truly
made it a winner.
My first meeting with R. B. Jain was
in 1992 and it lasted for 5 minutes.
Who knew that this would be the
beginning of an extraordinary
journey that would last for 25 years!
Amongst the various experiences,
I truly cherish the fact that I was a
part of the Green Revolution that
the company has brought about.
While all the support and
technology from Israel were
instrumental in the growth of
Jain Irrigation, the fact that the
company reaches out to farmers
with all the knowledge and
equipments has truly made it
a winner.

Amnon Ofen,
Director,
NaanDanJain, Israel

67
 With Jain’s
management and
financial backing,
Cascade was able
to increase its
capacity to
successfully gain
market share.
With Jain’s management and financial
backing, Cascade was able to increase
its capacity to successfully gain
market share, increasing its sales by
250%. In my entire career, I never
came across a company like Jain
Irrigation that had originated from a
remote place like Jalgaon but carried
huge worldly vision and global
management style. Every time I went
back to India I was amazed at the new
ideas bringing small revolutions,
expansion of businesses at amazing
pace. The Founder Chairman always
spoke about betterment of farmer as
if this was his sole life objective.

Jack Sollazzo,
Founder,
Cascade Specialties, USA

68

“I joined the company
as telephone operator
during its inception
years. The respect I
received at JISL then
and now hasn’t
changed at all. The
values of Bade Bhau
will forever live as a
work discipline in the
company.”
Mrs.Vidya N. Pandit
Sr. Officer - Public Relations
“I have learned only up to 8th
grade, but what I could learn
from Bhau was invaluable –
that changed my life
completely. Because of Bhau’s
guidance and support one of
my two daughters became a
doctor and the other became
an engineer.”
Abubakar K. Khan
Officer - Gardening & Landscapes
(Agriculture)
“Working with Jain Irrigation is a great
pleasure, privilege and pride. After
3 years of initial joining, I had to leave
my job since I got married and shifted to
Vasai. But later when I decided to rejoin,
I was offered my earlier position and
I happily accepted it. Earlier I reported to
Bade Bhau for the daily cash flow.
His practice of working at the root level
trained me to be extra meticulous about
my work and soon it became a habit.”
Mrs. Madhavi R. Patil,
Dy. Manager - Banking
“The company has taken
lot of efforts to make me
reach this level through
training, encouragement
and opportunity to work
freely and discover
my potentials.”
Kishor G.Baviskar
Manager - Corporate Affairs
(Food Processing)
69
 “As soon as I joined JISL, I “Bade Bhau had
started feeling like an amazing foresight
essential part of it. Here, and alertness to
we take ownership of our provide everything
work and always strive that is required to
towards the betterment accomplish any
of the world.” mission.”
Vasant L. Nikam
Jaikishan P. Wadhwani Manager - Projects
Manager - Post Operation (On Demand Irrigation)
(Piping)

“after joining this organisation,

I’ve experienced a unique work
culture filled with faith and
confidence. here we can be
leaders and owners of our
own work.”
Prabhat Srivastava
Sr. Manager - Marketing
(Irrigation)

70
Like any other
associate of JISL,
I feel fully
integrated into
the family.
7 years ago, I joined THE Machines
as successor to its founder. I had the
opportunity of being interviewed
by our Chairman, Mr. Bhavarlal Jain.
I must admit, the interview
experience was unlike any
experiences I have had in the past.
Since that time, I started to believe
and share the philosophy of ‘leave
this world better than you have
found it’. Like any other associate
of JISL, I feel fully integrated into
the family. I take complete pride in
sharing my experiences with the
teams worldwide. Together, we aim
to deliver the best of services and
to produce tailor-made extrusion
lines. I am really glad that our
company will also play a role in
JISL’s bright future.

Wolfgang Reith,
CEO,
THE Machines, Switzerland

71
 A letter from
the Chairman
Ashok B. Jain
Chairman
My father introduced the concept of drip irrigation
to India in 1986. A practice that optimises the use of
water and increases crop yields. His consistent
efforts to upgrade technologies in the field of
agriculture strengthened JISL’s reputation across the
world. He was a man of many facets - farmer,
businessman, social activist, environmentalist,
writer, public speaker and mentor. His life and his
actions gained him many recognitions and followers.
To fill in the shoes of a man with such stature and
live up to his legacy is a daunting task. But, I
consider myself blessed to have the JISL family by
my side. From them, I received a constant assurance
that I am not alone in this but, all of us together are
working towards living up to his values.
While growing a business may appear like a laudable
exercise, at Jain Irrigation our innate responsibilities
go beyond that. Our responsibility is to nurture the
legacy that was founded by my father, Padmashree
Late Dr. Bhavarlal Jain. The legacy of oneness.
It means that each associate at JISL is an equal
complement in challenges and in glory. The idea of
oneness not only runs within our associates but
extends intensely towards our stakeholders,
partners and farmers. Which is why, we are
committed to stay transparent to them.
We have established a strong presence across the
globe and stayed relevant to society at large.
All thanks to the commitment, passion and
encouragement of our associates. Some of them
have been mentioned in this report, but no number
72
of pages can do justice to all. They are the reason
for our success and simply put, they are never
forgotten. Especially, since we have so much to
look forward to as we strive to excel together.
At JISL, we believe that while market
performance and growth are important, they
aren’t the sole measures of success. Especially,
not at the cost of society and environment.
Hence, even though our worldwide footprint and
growth has strengthened our position, it has also
helped us transform rural life and bring a
considerable amount of change in the
agricultural sector. Our groundbreaking
innovations that work towards renewing energy,
re-afforestation and managing water, reinforce
our promise to leave the world better than we
found it. All our business lines, including micro
irrigation, piping systems, agro processing,
planting materials, solar water pumps are meant
to create shared value.
Everything we do is to benefit the farmers and
create a sustainable future for them. They are
the backbone of this nation and sporadic help
won’t make a difference. That’s why they deserve
a support machinery that will constantly aid and
guide them towards better water management
and increasing their crop yields. For which, we
constantly endeavour to find new technological
breakthroughs and work at bridging the gap
between our businesses and rural communities.
We have also worked hard to provide market
linkage to farmers by buying fruits & vegetables
from them at remunerative prices.
With the current work culture at JISL, we are
confident that we will take full benefit of our
leadership positions and international presence
to enrich the lives of our rural and global
communities. We shall continue to maintain high
ethical standards and transparency in all our
conducts and march ahead with the beacon of
oneness in all our hands.
I thank all our associates, farmers, stakeholders
and partners for their immense faith in us and
their continuous support.

Dear Shareowners,
The financial year 2017 has been a good
year for the company wherein the
company managed to significantly improve
its profit from ` 480 million to ` 1690
million while increasing the revenues to
` 69.4 billion from last year’s ` 68.4 billion.
The year gone by was filled with a lot of
challenges including the impact of
demonetisation, especially in rural India.
The agriculture distress has continued due
to climate and market reasons. Despite
these external challenges, our company
has made significant efforts to de-risk its
business model so as to create a
sustainable performance.
All the important divisions of the company
including hi-tech agri products, plastics,
food and agro-processing division have
registered positive growth in the year gone
by. This was also the year our plastic
division bagged a large water infrastructure
order in drinking water sector for 24x7
water supply.
The company management had promised
shareholders focus on deleveraging. Today
our debt/equity ratio is less than 1 and our
debt/EBIDTA ratio has also improved by
25% to 4:1 as against 5:1 of last year. The
objective going forward will remain on
further enhancing working capital
efficiencies of the operation.
We have made progress in building the new
platforms of Integrated Irrigation Project
and solar irrigation as parts of our hi-tech
agri division. We expect larger orders in this
division to drive future growth. We are
laying the foundation for our foray in fast
moving consumer goods by creating a
distribution network and nationwide retail
organisation for our healthy and nutritious
food products. For most of our
geographies, we had positive growth
including in North America, Europe and
rest of the world. Last year also had
another significant event when we raised
200 million US dollars in long-term Green
bonds in the international market. This has
created one more avenue for financing our
MD
speaks
future growth and it will enable us to align
cash flow with liabilities and help in our
effort to reduce interest cost.
During the current year we plan to increase
our revenue growth at a much faster pace
based on solid organic and inorganic
growth. A large order book across all
divisions is giving confidence to the
company management to achieve double
digit growth across all business divisions
on a consolidated basis. In May 2017, the
company has made big acquisitions in the
North American market in the irrigation
sector. This acquisition will allow the
company to reach closer to our customers
and improve our ability to optimise cutting Anil B. Jain
edge technology solutions to them. Vice Chairman and
Managing Director
We further plan to continue to invest in the
latest technology platforms including IOT
and big data analytics. Given our emphasis
on innovation and operating excellence we
are driving a top-quartile business that
stands ahead on competitive metrics.
While managing a high level of revenue
profit growth, we will continue to remain
focused on financial discipline through
better working capital management and
generation of free cash flow. The current
year has seen some disruption in business
due to the roll-out of new integrated tax
regime (GST) in India. We expect this to be
good for the company and general Ajit B. Jain
economy in the medium to long-term. Joint Managing Director
On the back of a strong growth agenda for
the present year the management believes
that we are entering an across-board,
multi-year growth cycle. We are continuing
to build our organisational capabilities and
manufacturing capacities while developing
new ventures in business adjacencies in
order to ensure sustained growth during
the next 3 to 5 years.
We thank all shareholders and other
stakeholders in our endeavour to serve the
larger farming community so as to create
shared value. Atul B. Jain
Joint Managing Director
73
 board of
directors

Ashok B. Jain
Chairman

Anil B. Jain
Vice Chairman & Managing Director

Ajit B. Jain
Joint Managing Director

Dr. Bhavarlal H. Jain (1937-2016)

Founder & Chairman till 25th Feb 2016

Atul B. Jain
Joint Managing Director

R. Swaminathan
Executive Director

74
 Devendra R. Mehta
Independent Director

Ghanshyam Dass
Independent Director

Vasant V. Warty
Independent Director

Radhika Periera
Independent Director

Dr. Harishchandra P. Singh

Independent Director

75
 our history and
key milestones
Over the years, JISL has demonstrated a sound growth
strategy by constantly acquiring and developing
innovative technology, gaining new markets and creating
breakthrough products.
1988 1989
R&D demonstration
Micro-irrigation and training centre
systems pioneered started

1963 1980
Started trading in
agricultural inputs Started PVC pipe
& equipments extrusion plant

1991
Started plastic
sheet mfg. plant

1996 1994
Commenced:
‡–Ǧ—’‰”‡‡Ƥ‡Ž†
• Tissue culture
fruit processing plant
• PE pipes plant
• Solar water heaters
• Vegetable dehydration
2006
• Acquired fruit
processing facility
in Chittoor, AP
• Dehydration facility
in Baroda, Gujarat
• Chapin Tape, USA
Irrigation Company
• Cascade, USA
Dehydration Company
2005 • NuCedar Mills Inc.,
Chicope, USA
2004 Acquired mfg.
facility in Tamil
Acquired mfg.
facility in Hyderabad, Nadu (MIS & pipes)
Andhra Pradesh
(MIS & pipes)

76
 2008 2010
Acquired • Set-up biogas based 1.7
THE Machine, 2009 MW captive power plant
Switzerland Set-up Green Field • Set-up photo-voltaic
Equipment Mfg. Project in Turkey – panel assembly line
Irrigation Company • New mfg. facility in North
India, under construction

2011
Acquired Protool,
Switzerland Acquired Sleaford, UK –
Equipment Mfg. Agri processing
distribution company

Change in business
2012 model of MIS to
Acquired White “Cash & Carry”
Oak Frozen Foods, model
USA

2015
• Jain Plumbing Piping
2013 System
• Acquired Driptech (MIS)
Jain Solar Pump
• Acquired USA-based
Puresense Environmental
(irrigation control system)

2007 Install Peace of Mind!

• Acquired Aquarius, USA

Irrigation Company
• Acquired NaanDan,
Israel Irrigation Company

2017
• Acquired USA and Australia
based Observant (MIS) 2016
• Acquired 80% stake in Launch of
USA’s 2 of the largest MIS retail business
dealers - Agri Valley and
Irrigation Design and
Construction Aamras Khilao, Khushiya Manao

77
 The next step
in agriculture
At JISL, we believe in constantly working towards
innovating and developing new agricultural technologies.
All in the endeavour of bettering the lives of farmers and
leaving this world better than you found it.

Ag-Tech
Product
innovations Through various M&A and in-house research, JISL has developed an innovative
product range that includes:
• Control systems for the agricultural market, comprising of software and
equipment that operates, monitors and controls many functions within
greenhouses, dairy farms, etc.
Ȉ ‡Ž‹˜‡”‹‰”‡ƒŽǦ–‹‡†ƒ–ƒˆ”‘•‡•‘”•‹–Š‡Ƥ‡Ž†–‘ƒ›‹–‡”‡–…‘‡…–‡†
mobile device in an easy-to-use and intuitive interface. Water Management
Software to manage soil moisture monitoring, evapotranspiration forecasting,
irrigation scheduling, etc.
• Field monitoring and control technology solutions for precision farming

78
Our Brands in Ag-Tech

Investing in the future -

Innovative new product pipelines
Puresense Technology

GeneSys Smart Sprinkler :

Wireless Sprinkler

Observant Products
and Solutions

79
 AWARDS

The Economic Times Polymers -

CEO of the Year - 2017

Maharashtra Corporate
Excellence Award
(Maxell Award) - 2017

APEDA Export
Award - 2015

80
 APEDA Export
Award - 2014

Lifetime Achievement
Award - 2016

Uttar Maharashtra
Ratngaurav Puraskar - 2016

81
 CLOSE TO
CUSTOMERS
WORLDWIDE

Israel
(Gavish
CS)

Global Operations
Plants 18
Warehouses 23
Distributors 2100+

Corporate Office Plants Warehouses and Sales Offices

82
 JAIN UNIVERSE

30
MANUFACTURING PLANTS
across the globe

120+ COUNTRIES REACHED

through our products

India Operations
Plants 12
Offices 81
Depots 39
Dealers 6526+

Depots Offices Plants Corporate Office

83
 Our support
systems

Irrigation Production Support:

The team that transformed the way
the world irrigates. Working towards
irrigation design for integrated projects,
they aim to bring more and more
ƒ†˜ƒ…‡†–‡…Š‘Ž‘‰‹‡•–‘–Š‡Ƥ‡Ž†•Ǥ

Production - Plastic Pipes

(Plasticulture):
These trend-setters introduced the use
of plastic in agriculture and changed the
story by using recyclable plastic.

Green Energy:
The Green Energy team of JISL
initiated a movement by
changing the way energy is
consumed by rural farmers by
adopting solar energy and other
environmentally friendly
methods.

84
 Irrigation Production Support:
They run an extra mile to bridge the
gap between us and the farmers.
They are the support systems who not
only help the farmers yield better but
also guide them to sell better.

Research & Development

for agriculture:
The iconic minds that are responsible
for development, growth and
–”ƒ•‰‡‹…‘†‹Ƥ…ƒ–‹‘‘ˆ‡™•‡‡†•Ǥ
By measuring the wastage in biogas,
they ensure that they maintain the
environmental balance.

Support Services & Management

(Food Processing):
The quality champions of JISL who
look after the production of our food
processing units to ensure that we
only give out the best. They pick out
the most naturally rich food from the
farmers and give it a new life by
elongating the season.

85
 Renewable Energy &
Product Development:
Our imminent thought
leaders with an aim to ensure
a safer ecosystem for the
future. They are aiding next
generation farmers by using
less fossil fuels and more
renewable sources of energy.

HR & Personnel:
The team we owe our
togetherness to. They are the
ambassadors of our values
and culture. They play a vital
role in keeping the JISL family
together by reinforcing value
systems and guarding them.

Machine & Processes

Development - Foods:
The tech-savvy team of
enthusiastic engineers who are
constantly working towards
developing new machines and
processes. Their inventions target
the stimulation and growth of
production from the farmer’s end.

Marketing:
Our face to the consumers, they
are the representatives from the
marketing team of pipes,
irrigation, renewable and solar
energy, micro-irrigation and food
processing. They also include
people from project marketing,
export marketing, retail marketing,
customer care and logistics.

86
Waste Management:
Being the crusaders of the
environment, the team ensures zero
wastage by taking charge of the
generated food waste at JISL.
They recycle the waste by storing or
processing it to produce biogas,
bio-manure & vermicompost.

Agriculture Division:
The nurturers and caretakers
of 2000 acres of land.
The team assures quality
supervision and maintenance
of the agricultural lands.

Product Development
(Plastics & Irrigation):
The frontrunners of green and renewable
energy. They have innovated and made
some commendable developments in
–Š‡‹”Ƥ‡Ž†Ǥ

Administration Services:
The backbone of the
organisation, they manage
the purchases, health, systems,
taxations, accounting, vehicle,
…‘”’‘”ƒ–‡ƒơƒ‹”•ƒ†‘”‡Ǥ
Š‡›•–ƒ†Ƥ”ƒ†•–”‘‰–‘
help the JISL associates in their
day-to-day dealings.

87
 COMPANY
30
Manufacturing Plants
SNAPSHOT
1963
#1 #2
Started our trading
business in agricultural
inputs and equipment

1986
Incorporated in 1986
Micro-irrigation
company in India
Micro-irrigation
company globally

730 MN+ USD

Market capitalisation as on May 26, 2017 #1 #2

5.2 Mn
Farmers’ lives have been touched
Manufacturer of plastic
pipes in India
In onion and vegetable
dehydration globally

10,555+
Dealers and distributors base globally
#1 #1

10,695
Associates globally
In mango processing
globally
In tissue culture
production of banana and
pomegranate globally

1 BN+ 120+
on 31st March, 2017
USD
Aggregate revenues as Countries reached
through our product

88
Touching
lives in
more ways
than one

Protected Cultivation Drip Irrigation Plastic Products

Tissue Culture Sprinkler Irrigation Plumbing Systems

PVC Pipes & Fittings Renewable Energy Food Processing

Services

89
 BUSINESS SEGMENT
HI-TECH AGRI INPUT
PRODUCTS DIVISION
(MIS & TC)
Drip & Sprinkler Systems Precision Farming Advisory

1st in India and 2nd Globally

Drip Irrigation Wide distribution presence – over 8,626 dealers / distributors

in India and internationally

Manufacturing base in India, Israel, Turkey, USA, Latin America

and Europe
Sprinkle Irrigation
R&D base in India, Israel & USA

Globally No. 1 in Banana & Pomegranate Tissue Culture

Tissue Culture

PLASTIC DIVISION
(PVC, PE PIPES & SHEET)
‹’‡•ǡƤ––‹‰•ǡ‘Ž›‡–Š›Ž‡‡‹’‡•—”‡›”‘Œ‡…–•Ƭ•Š‡‡–•

One of the largest players

PVC Pipes & Fitting Plastic Products

Catering to Agricultural, Industrial & Infrastructural customer base

Manufacturing primarily driven from India

Forayed into urban markets by introducing plumbing systems

Moved most of the Plastic Sheet Business to Ireland, closer

to customer base

Plumbing Systems Turnkey Solutions

& Execution

90
AGRO PROCESSING
DIVIsioN
Fruit pulps, concentrates, vegetable dehydrations & spice processing

Globally No. 1 in Mango processing and No. 2 in Onion dehydrations

Catering to top global food companies

Forayed into Retail in FY16

Manufacturing in India, UK and USA

Shortly launching Spice Processing, Citrus Processing and new B2C

Food Processing
products such as fruit snacks

Other Divisions / Products

Other divisions include:

‘Žƒ”Š‡”ƒŽ”‘†—…–•ǡ‘Žƒ”Š‘–‘˜‘Ž–ƒ‹…
”‹†ƬơǦ
”‹†”‘†—…–•

Solar Power Generation investments to reduce cost of power

Agri R&D activities

Equipment manufacturing including irrigation pipes production

Renewable Energy lines, drip tape irrigation pipes production lines, etc.

91
 BRAND
UNIVERSE

Micro-Irrigation systems and equipment

Sprinkler s Since 1936

plastic products

Install Peace of Mind!

92
Green energy products

Jain Farm Fresh Foods Ltd.

Aamras Khilao, Khushiya Manao

Social Profile

93
 Jain Irrigation Systems Ltd.

Business Responsibility
Report 2016-17
At Jain Irrigation, we believe in the legacy left by Bade
Bhau, that of oneness. Which is why, we constantly strive
to achieve agricultural and business development with an
integrated approach. This approach of creating shared
value is one of our top business priorities, along with
enabling the farmers and enriching the environment.
Meeting this goal repeatedly has helped us expand our
horizons and foster global communities. We believe that
development in the agriculture sector and empowerment
of farmer is possible through the appropriate application
of technology and integration with our value chain.
Our aim is to ensure food security while maintaining
our natural resources.

Due to our responsiblity towards our land and our people we invest our energy in providing amenities, natural
resources and a quality life to farmers. At every step, our product lines – which include Micro Irrigation Systems
(MIS), Equipment and Agri-inputs, Plastic Products, Green Energy Products, and Food Products – have created
shared value for society at large. Even as we steadily grow and progress, we ensure that we maintain the highest
standards of operational excellence. We adhere to the established international standards in identifying social and
environmental safety risks and mitigating their impact.

We undertook several other CSR initiatives in our

endeavour to promote quality education for all, with a
special focus on the underprivileged. We encourage
sports and holistic development and provide healthcare
facilities in rural areas. At JISL, stay true to Gandhian
values and ideologies. We believe in fostering healthy
communities and being the change we want to see in the
world. A special mention has to be made of our Gandhi
Research Foundation, which plays a crucial role in
promoting Indian culture and the values of oneness.

We believe in recognising and fulfilling our responsibilities towards our stakeholders. Hence, in this report we’re
disclosing our relevant business responsibility information with our stakeholders. With the continued focus of the
company - ‘sustainable future for all’ the Directors present the Business Responsibility Report of the Company for
the financial year ended 31st March, 2017, pursuant to SEBI LODR 2015. The Company also publishes bi-annually,
a comprehensive Sustainability Report, based on the GRI guidelines. These Reports are available on the Company’s
website - www.jains.com

94
Section A: General Information about the Company
The general details of the organization are as follows:
Table 1- General Details on Business Responsibility

1) Corporate Identity Number (CIN) of the L29120MH1986PLC042028

Company:
2) Name of the Company: Jain Irrigation Systems Limited
3) Address of the Registered Office: Jain Plastic Park, N. H. No. 6, Bambhori, Jalgaon-425001
4) Website: www.jains.com
5) E-mail ID: investor.corr@jains.com
6) Financial Year reported: 201-1
7) Sector(s) that the Company is engaged in
(industrial activity code-wise):
The Company is engaged in activities as grouped below:
Name and Description of main products / services NIC CODE
i) Manufacture of other Plastic Products ( n.e.c ) 22,209
ii) Manufacture of fruit or vegetable juices, their 10,304
concentrates squashes and powder
8) Key Products/Services:
Businesses Products/Services
Plastic Business - Plastic Products: Micro - Irrigation System (Drip Irrigation/Sprinkler
Irrigation Piping System ( PE & PVC) Plastic Sheets
Agro-Processed Products Fruit and Vegetable Dehydration: Standard dehydrated onion products, frozen fruits,
purees, pulp & concentrate
Green Energy Solar Products: Photovoltaic module, water heater, pumping systems &
lighting appliances
9) Total number of locations:
We have 30 manufacturing plants across the globe. Twelve plants are within India and eighteen plants are across
ͤYHFRQWLQHQWV2XUͤYHSURPLQHQWJOREDOORFDWLRQVDPRQJWKHPDQXIDFWXUHORFDWLRQVDUHDVIROORZV
1) Cascade Specialties Inc. USA
2) NaandanJain Irrigation System Ltd., Naan, Israel
3) NaandanJain Irrigation System Ltd., Dan, Israel
4) White Oaks Frozen Foods, CA,U.S.A
5) Jain Sulama Sistemleri Sanayi Ve Ticaret, Turkey
The major Indian locations are:
1) Jain Plastic Park, Jalgaon, Maharashtra
2) Jain Plastic Park, Hyderabad, Telangana
3) Jain Plastic Park, Alwar, Rajasthan
4) Jain Plastic Park, Udumalpet, Tamil Nadu
5) Jain Plastic Park, Bhavnagar, Gujarat
6) Jain Food Park, Jalgaon, Maharashtra
7) Jain Food Park, Vadodara, Gujarat
8) Jain Food Park, Unit-1, Chittoor, Andhra Pradesh
9) Jain Food Park, Unit-2, Chittoor, Andhra Pradesh
10) Jain Tissue Culture Park, Takarkheda, Jalgaon, Maharashtra
11) Jain Energy Park, Jalgaon, Maharashtra
12) Jain Agri Park, Jalgaon Maharashtra
10) Markets Served by Company:
The company at present serves more than 120 countries across all continents around the globe. It has a Pan India
footprint, with a dealer network in all major states and districts of the country.

95
 Jain Irrigation Systems Ltd.

Section B: Financial Details of the Company

7KHͤQDQFLDOGHWDLOVDVSHUEXVLQHVVUHVSRQVLELOLW\UHSRUWLQJDUHWDEXODWHGEHORZ

1) Paid Up Capital (` Million) 953.92

2) Total Turnover (` Million) 69,393.17
3) Total Profit After Tax (` Million) 1,638.02
4) Total Spending on Corporate Social Responsibility (CSR) as % of average net
2.48 %
profit of the Company for last 3 financial years.
5) CSR Expenditure Details for FY 2016-17

The project wise CSR expenditure details are as follows:

Linkage to Schedule VII of Expenditure
Sr. CSR activities carried out
Companies Act 2013 (INR)
1) Rural Development 919422.00
a) Direct support to watershed development activities-de-
silting of local lakes, cleaning of nalah and small tributries (x) Rural Development Projects 735537.6

b) Direct support to rural drinking water project (i) Promoting preventive health
care and sanitation and 183884.4
making available safe drinking
water

2) Conservation of natural resources, quality of soil, air, water, etc. 6035803

Direct support to afforestation activities during World
a) Environment Day and 'Van Mohtsava' Campaign of (IV) Ensuring environmental 90540
Maharashtra Government sustainability, ecological balance,
protection of flora and fauna,
b) Direct support to Future Agriculture Leaders of India (FALI) animal welfare, agroforestry, 2623611
Program conservation of natural
resources and maintaining
c) Direct Contribution to Theme Park (Bhaunche Udyan) quality of soil, air and water 3321652
Project

3) Promoting Education 1749074

(ii) Promoting education,
including special education and
a) Direct support to Anubhuti English Medium School and employment enhancing vocation
Construction of Library at Prakash Vidyalaya, Waghoda skills especially among children, 1749074
women, elderly, and the
differently abled and livelihood
enhancement projects
4) Promoting Sports 1599095

a) Direct support by Jain Irrigation to Jain Sports Acacemy for (vii) Training to promote rural
639638
Sports Material, Tournament Fees etc. sports, nationally recognised
sports, paralympic sports and
b) Direct support by Jain Irrigation to Jain Sports Academy for Olympic sports
959457
expenditures of Coaches

Total CSR Expenditures for FY 2016-17 10303394

96
Section C: Other Details
This section provides information on subsidiaries and overseas manufacturing subsidiaries contribution to the business
responsibility.
Table 3 - Subsidiary and Other Entity Details
1) Information on Subsidiary Company:
The company has 40 subsidiaries/associate companies as on 31st March, 2017. List is given below:
Sr. Name and Address of the Name and Address of the Holding/ % of
No. Company Company CIN/GLN Subsidiary/ Shares
Associate held
1. Jain Farm Fresh Foods Limited Gat No. 139/2, Jain Valley, Shrisoli U15200 MH201
Jalgaon MH 425002 5PLC26 3338 Subsidiary 81.65
2. Jain Processed Foods Trading Gat No. 139/2, Jain Valley, Shrisoli U74900 MH 2015
& Investments Private Limited Jalgaon MH 425002 PTC263 378 Subsidiary 100
3. Driptech India Pvt. Ltd. West Wing Building, Gat No. 260, Jain
Plastic Park, N H No. 6, Bambhori, U01403 MH2012
Jalgaon 425001 PTC293510 Subsidiary 75
4 JISL Overseas Limited Les Cascades Edith Cavell Street Port
Louis, Mauritius NA Subsidiary 100
5 Jain International Trading BV, Oranje Nassaulaan 55-1, 1075 AK,
Netherland Amsterdam, The Netherlands NA Subsidiary 100
6 Jain America Foods Inc. 1819, Walcutt Road, Suit 1 Columbus,
[Erstwhile Jain (Americas) Inc.] Ohio 43228, USA NA Subsidiary 100
7 Jain (Europe) Ltd, UK Grove House, 551 London Road,
Isleworth, Middlesex, TW7 4DS, UK NA Subsidiary 100
8 Jain Overseas BV, Netherland Oranje Nassaaiaan 55, 107 AK,
Amsterdam, Netherland NA Subsidiary 100
9 Cascade Specialties Inc, 1 Cascade Way, Boardman, (Onion
Dehydration Plant) Oregon 97818, USA NA Subsidiary 100

10 Jain Irrigation Holding, Inc, USA 2851, East, Florence Avenue, Fresno,
California CA.93721 NA Subsidiary 100

11 JIIO, California 2851, East, Florence Avenue, (Micro

[USA Irrigation) Fresno, California CA.93721 NA Subsidiary 100

12 Jain Irrigation Inc., Delaware 2060 E. Francis St. Ontario, CA 91761,

USA NA Subsidiary 100
13 Point Source Irrigation Inc, USA 2550, S East Avenue Ste 120 Fresno
CA 93706 NA Subsidiary 100
14 Jain Agricultural Services, USA 2060, East Francis Street, Ontario, CA
(Erstwhile Puresence 91761
Environmental Inc) NA Subsidiary 100
15 JISL Global SA , Switzerland Rue Saint-Honore-3, Case Postale
2272 2001 Neuchatel, Switzerland NA Subsidiary 100
16 Jain (Israel) BV, Netherland Claude Debussylaan, 24, 1082 MD
Amsterdam, Netherland NA Subsidiary 100
17 JISL Systems SA, Rue Saint-Honore-3, Case Postale
Switzerland 2272 2001 Neuchatel, Switzerland NA Subsidiary 100
18 Naandan Jain Irrigation Ltd Post Naan 76829, (Drip and Sprinkler
Irrigation) Israel NA Subsidiary 100
19 Gavish Control Systems Ltd,
Israel Givat Brenner, 60948, Israel NA Subsidiary 51
20 THE Machines SA Rue de I’industries 5, CH-1462
YVONAND, Switzerland. NA Subsidiary 100
00
21 Pro-Tool AG, Switzerland Bernstrasse 52CH-4923 Wynau,
Switzerland NA Subsidiaryy 75
22 Jain International Foods Limited Woodbridge Road, East Road Industrial
(Erstwhile SQF 2009 Ltd.), UK Estate, Sleaford, Lincolushire, NG34
7EW- UK NA Subsidiary
ubsid
idiary 100
00
23 Sleaford Food Group Ltd, UK Woodbridge Road, East Road Industrial
Estate, Sleaford, Lincolushire, NG34
7EW- UK NA Subsidiary
Subsid
diary 100

97
 Sr. Name and Address of the Name and Address of the Holding/ % of
No. Company Company CIN/GLN Subsidiary/ Shares
Associate held
24 Sleaford Quality Foods Ltd, UK Woodbridge Road, East Road Industrial
Estate, Sleaford, Lincolushire, NG34
7EW- UK NA Subsidiary 100
25 Arnolds Quick Dried Foods Woodbridge Road, East Road, Industrial
Ltd, UK Estate, Sleaford, Lincolushire, NG34
7EW UK NA Subsidiary 100
26 Ex-cel Plastics Ltd, Ireland Derrylavin, Kingscourt Road, (R-179),
Carrickmacross, County Monaghan, Ireland NA Subsidiary 100
27 Naan Dan Agro-Pro Ltd, Israel Post Naan 76829, (Drip and Sprinkler
Irrigation) Israel NA Subsidiary 100
28 NaanDan Jain France Sarl, France 2, Ruedoc ,31,200 Toulouse, France NA Subsidiary 100
29 NaanDan Jain Australia Pty 214-216 Hammond Road, Dandenong,
Ltd, Australia Victoria 3175 NA Subsidiary 100
30 NaanDan Do Brasil Campinas-SPR Dr Antonio da costa
Participacoes Ltd. Brazil Carvalho, 324 13.024-050 NA Subsidiary 100
31 NaanDan Jain Industria E RuaBiazoVicentin No. 260, Bairro
Comercio De Equipmentos Ltd, Cidade Jardim, P.O. Box 175 Leme SP
Brasil - CEP 13614-330. NA Subsidiary 100
32 NaanDan Jain Mexico, S.A. De RuaBiazoVicentin No. 260, Bairro
C.V. Mexico CidadeJardim, P.O.Box 175Leme SP -
CEP 13614-330. NA Subsidiary 100
33 NaanDan Jain S.R.L.,Italy ViadelTecchione 1820097 San Giuliano,
Milanese MI, Italy NA Subsidiary 100
34 NaanDan Jain Iberica S.C., Pol. In. La Redonda, Calle XIV Parc. 91-
Spain 94, 4710 Sta Ma Del Aguila El, Ejido,
Almeria, Spain NA Subsidiary 100
35 NaanDan Jain Peru S.A. C, CalleProduccinNacional, N-229, 15001,
Peru Chorrillos, Lima – Peru NA Subsidiary 100
36 Naan Dan Jain Irrigation 505, Alexandriei Rd., 116-118,
Projects S.R.L., Romania Bragadiru Jud 11 Fov., Romania NA Subsidiary 100
37 Jain SulamaSistemleri
SanayiVeTicaretAnonim Sirkti, Sabanci organize sanayibolgesi,
Turkey Ataturk, Bulvari, No. 48, Adana NA Subsidiary 100
38 Dansystems S.A., Chile CarreterraSannvartin SITIO, 31, Loteo
Industrial LoslierTabores Colima,
Chile,16500 NA Subsidiary 100
39 White Oak Frozen Foods 2525 Cooper Avenue, Merced, CA NA Fellow
USA 95348 Subsidiary 100
40 Jain Agriculture Services 77 Argyle St Fitzroy, VIC, Australia NA Fellow
Australia Pty. Ltd. Australia 3054 Subsidiary 100
41 Excel Plastic Piping System Parc Marcel Dassault 4 rue NA Fellow
Ltd. France Jacqueline Auriol 34430 Subsidiary 100
42 Jain America Holding Inc. 1891, Walcutt Road, Columbus, Ohio NA Fellow
Delaware, USA 432228, USA Subsidiary 100
43 Sustainable Agro Commercial 7, Kumtha Street, Ballard Estate,
Finance Ltd Mumbai–400 001 NA Associate 49
2) Subsidiary Company Participation in Business Responsibility:
All our subsidiaries ensure the compliance with the laws, regulations and reporting standards of the geographical
territories they operate within. Following 14 (overseas manufacturing) locations of subsidiaries have been reporting to
IFC performance standards annually and hence contribute to business responsibility disclosures:
Sr. No Subsidiary Name Country
1 NaandanJain Irrigation System Ltd., City of Leme, State of São Paulo Brazil
2 Sleaford Quality Foods Ltd, Sleaford, Lincolushire, United Kingdom
3 Cascade Specialities Inc., Boardman United States of America
4 White Oak Frozen Food, Merced, California United States of America
5 JAIN Irrigation Inc - Fresno, California United States of America
6 Jain Irrigation Inc., East Haines City, Florida United States of America
7 Jain Sulama Sistemleri Sanayi Ve Ticaret A. S., Instanbul Turkey
8 NaandanJain Irrigation System Ltd. Spain
9 THE Machine S.A. Switzerland
10 Pro Tool AG Switzerland
98
 Sr. No. Subsidiary Name Country
11 Excel Plastics Ltd., County Monaghan Ireland
12 NaandanJain Irrigation System Ltd., Naan Isreal
13 Jain America Holdings, Chicopee, MA United States of America
14 Jain Irrigation Inc. Watertown, New York United States of America
3) Other Entity Participation:
We believe that WRͤQGUHOHYDQWVROXWLRQVWRWKHLQWHUFRQQHFWHGHQYLURQPHQWDOVRFLDODQGHFRQRPLFFKDOOHQJHVRISUHVHQW
times, effective stakeholder engagement is crucial. We need to go beyond the conventional framework of price, product,
place and promotion. To create a sustainable and inclusive business model it is necessary to involve the most critical
component i.e. community. Community is a part of our business initiatives, because it gets impacted by our products and
services and in turn can impact the business. We engage with our stakeholders via different platforms through regular
physical meetings and written and verbal feedbacks. Some of the stakeholder engagement platforms are depicted here.
The inputs are sought from stakeholders through these engagements on economic, environmental and social parameter.
Our internal teams (e.g. purchase, manufacturing, marketing, extension, HR etc.) also provide input on environment,
HFRQRPLFDQGVRFLDOSDUDPHWHUV,QDGGLWLRQZHDOVRKROGVSHFLͤFDOO\GHVLJQHGFRPSUHKHQVLYHVWDNHKROGHUVFRQVXOWDWLRQV
as per the requirements state it under GRI G4 sustainability reporting standard.

Section D: Business Responsibility (BR) Information

The key information on governance related to business responsibility is outlined under this section.
Table 4 - Governance of BR
Details of Director/Directors responsible for BR:
Sustainability Committee of Board of Directors is responsible for governance related to business responsibility.
The role of Sustainability Committee:
• To guide the top management in ensuring responsible business practices across all the operations of Company
• To implement and monitor various sustainability initiatives across all operations of the Company
• To submit Periodical Reports to the Board of Director as it may deem fit

Details of the Director/Directors responsible for implementation of the BR policy / policies

Name Designation DIN no.
1) Mr. Ashok Bhavarlal Jain Chairman and Executive Director, Promoter-Director 00053157
2) Mr. Anil Bhavarlal Jain Vice Chairman and Managing Director, Executive Director, Promoter-Director 00053035
3) Mr. Ajit Bhavarlal Jain Joint Managing Director, Executive Director, Promoter-Director 00053299
4) Mr. Atul Bhavarlal Jain Joint Managing Director, Executive Director, Promoter-Director 00053407
5) Mr. R. Swaminathan Executive Director 00060983
Details of the BR Head
1) DIN Number 00053035
2) Name Mr. Anil Bhavarlal Jain
3) Designation Vice Chairman, CEO/MD
4) Telephone number +91-257-2258011
5) e-mail id jisl@jains.com
Principle-wise BR policies as per NVGs :
The Company has formulated and implemented policies for various management systems adhering to the national and
international standards. The policies implemented also satisfy the requirements of following business responsibility
principles as stated under National Voluntary Guidelines (NVGs).

Principle 1 : Business should conduct and govern themselves with Ethics, Transparency and Accountability [P1].
Principle 2 : Business should provide goods and services that are safe & contribute to sustainability throughout their
life cycle [P2].
Principle 3 : Businesses should promote the wellbeing of all employees [P3].
Principle 4 : Business should respect the interest of and be responsive towards all stakeholders, especially those who
are disadvantaged, vulnerable and marginalized [P4].
Principle 5 : Businesses should respect and promote Human Rights [P5].
Principle 6 : Business should respect, protect, and make efforts to restore the environment [P6].
Principle 7 : Business, when engaged in influencing public and regulatory policy, should do so in a responsible manner [P7].
Principle 8 : Business should support inclusive growth and equitable development [P8].
Principle 9 : Business should engage with & provide value to their customers & consumers in a responsible manner [P9].

99
 N.

100
Governance Mechanism
integrity
The corporate governance structure at JISL ensures that we meet our objectives through the
application of best management practices, and compliance to rules and regulations while
enhancing stakeholders’ value and discharging our social responsibilities. It emphasizes our
core values of integrity, transparency and quality, by laying down a framework that assigns
this responsibility and authority to the Board of Directors, its committees and the executives
and senior management. It also ensures adoption and monitoring of corporate strategies,
transparency quality goals and procedures in place to comply with our legal and ethical responsibilities.
The Company’s corporate governance framework in all respects complies with the requirements
of the revised guidelines on corporate governance stipulated under SEBI LODR 2015.

Sustainability committee meets half yearly to review the BR performance.

The Company has in place a comprehensive Code of Conduct for all its senior functionaries3 and every senior functionary is
”‡•’‘•‹„Ž‡–‘…‘’Ž›™‹–Š‘†‡‹‹–•Ž‡––‡”ƒ†•’‹”‹–ǤŠ‹•…‘’”‹•‡•ƒ’‘Ž‹…›”‡Žƒ–‡†–‘–Š‡…‘ƪ‹…–‘ˆ‹–‡”‡•–‹‰‘˜‡”ƒ…‡ƒ†
•‡‹‘”ƒƒ‰‡‡–ǤŠ‡‘’ƒ›‡…”‡–ƒ”›‹•‘’Ž‹ƒ…‡ƥ…‡”ˆ‘”–Š‡’—”’‘•‡•‘ˆ–Š‹•‘†‡Ǥ–‡”•‘ˆ’”‘˜‹•‹‘•‘ˆ
(Prohibition of Insider Trading) Regulations, 2015, the Company has also formulated a ‘Code of internal procedure & conduct for
prevention of insider trading’4 in shares of the company. The code of conduct has been explained and circulated to the employees
ƒ† ‹• ‹’Ž‡‡–‡† „› ‘’Ž‹ƒ…‡ ƥ…‡” ™Š‘ ”‡’‘”–• –‘ –Š‡ ƒƒ‰‹‰ ‹”‡…–‘”Ǥ ‘”‡ ‹ˆ‘”ƒ–‹‘ ‘  ‰‘˜‡”ƒ…‡
framework, including the role and structure of the Board of Directors and its committees, Articles of Association, Code of Conduct,
Corporate Governance guidelines is available at http://www.jains.com/.

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Section E: Principle-Wise Performance

Principle 1: Ethics, Transparency and Accountability
Our governance structure is three-tiered pyramid: with Shareholders - Board of Directors, Committees of the Board and Executive
Management. Each of the tier operates within the given parameters as per prevailing laws and regulations or the practices
prevalent in the industry. The onus of our shareholders as well as that of the governance of JISL’s management lies with the Board
of Directors. Our Board of Directors ensures company’s performance through a triple bottom-line approach (including economic,
‡˜‹”‘‡–ƒŽ ƒ† •‘…‹ƒŽ –‘’‹…•Ȍ ƒ† ƒŽ•‘ Šƒ”„‘—”• ƒ •‡•‡ ‘ˆ ”‡•’‘•‹„‹Ž‹–› ˆ‘” –Š‡ ‘’ƒ›ǯ• ƒơƒ‹”• ”‡Žƒ–‡† –‘ ‹–‡”ƒ–‹‘ƒŽǡ
national and state laws, the Company’s code, regulations and overall performance.

In addition, the linking of the remuneration paid to committee members and the executive management to the organizational
performance emphasizes this accountability. Through the various interactions with Board committees and the management, the
Board is kept informed of company operations and businesses. Its involvement with the company’s strategic planning, leadership
development and succession planning reinforces our risk management processes. In addition, the Board oversees these strategic
plans and associated risks, channelizing them towards the senior management for mitigation

Shareholders-
Board of Directors

Committees of Board

Executive Management

101
 Stakeholders

Board of Directors

Harbours a sense of responsibility for the Company’s affairs related to international, national and state laws, the
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performance can be harmonized with the expectations of society, the environment and all other stakeholders it
interfaces with in a sustainable and scalable manner.

Committees of the Board Executive Management

Ensures value creation for all

7REULQJHIͤFLHQF\DQGHIIHFWLYHQHVVLQRSHUDWLRQV stakeholders
7RGHYHORSDVSHFWVSHFLͤFH[SHUWLVHLQWKHRSHUDWLRQV
To enhance the objectivity and independence of the
Board’s judgment, preventing it from the potential
undue influence of managers and controlling
shareholders Formulates and executes
strategic business plans and
strategy initiatives

Audit Committee
Nomination and Remuneration Committee
Stakeholders Relation and Grievance Committee
Risk Management Committee
CSR Committee
Sustainability Committee
Operation Review Committee

Status of Compliance by the Company:

We understand that the Compliance with applicable laws and regulations is vital for overall performance of any organization.
(QVXULQJFRPSOLDQFHKHOSVWRUHGXFHͤQDQFLDOULVNVWKDWPD\RFFXUHLWKHUGLUHFWO\WKURXJKͤQHVRULQGLUHFWO\WKURXJKLPSDFWV
RQFRPSDQ\̵VUHSXWDWLRQ7KHUHZHUHQRFDVHVRIVLJQLͤFDQWͤQHVDQGQRQPRQHWDU\VDQFWLRQVIRUQRQFRPSOLDQFHZLWK
applicable laws and regulations during the reporting period across our operations.
a) Capital Market Compliance: There were no cases of non-compliance during the year with Stock Exchange where the
Shares of the Company are listed, SEBI regulations or any other statutory bodies nor any cases of penalties imposed
by them for any non-compliance related to the capital market compliances during the last three years.
b) Compliance under Companies Act: There were no cases of non-compliance of applicable provisions of Companies Act,
2013 nor any cases of penalties imposed by Department of Corporate Affairs or the Registrar of Companies or any
other Statutory Bodies for any non compliance related to the Company Law provisions during the last three years.
The table below illustrates the no. of stakeholder complaints that have been received in the FY (2016-17) and the
percentage of which was satisfactorily resolved by the Management.

Table 6 - Stakeholders’ complaints during FY 2016-17

Stakeholders Complaints Received Complaints Pending Resolved
Shareholder/Investors 25 0 100%
Customers 1,5,85 0 100%
Employees Nil Nil -
Vigilances Nil Nil -
Contractors & Suppliers Nil Nil -
Media, Advertising agencies Nil Nil -
Total 1,6,10 0 100%

102
Jain Irrigation Systems Ltd.

Principle 2: Products Lifecycle Sustainability

Sustenance to Sustainable farming:

We as a global organization have progressed by helping the farmer grow and prosper. We
er W believethat
e bel
b eveth
that “Farmer’s
a “FFar m r smile is
a me
the best bottom line“. To achieve this we have established an inclusive and sustainable A Agri-
ri-
i bbusiness
bu
usiness m model
od designed
del de sig to
provide the needs of millions of small farmers in India. It is through such multi-dimensional yet in
integrated
teg
grated aactivities
ct vities
swwe
ehhave
today emerged as a global one-stop Hi –tech Agri Shop, with an aim to create a unique self-sustainingagri
ta ning
gag cycle.
gri cy le.
yc

1 gr
Hi-tech a i inputs
2
Conservation of resources Enhanced productivity
Sustainable environment Cost saving
Watershed Planning Drip & Sprinkler Irrigation
Increased Product
Water harvesting Development Tissue Culture Plants
1 Productivity 2

Re
Water / Energy saving Green houses

se
Water resource design PVC Piping Systems

arc
Waste Land reclamation HDPE Piping System

ha
Weather Solar pumps

nd d
Adequate

evelopm t + Agronom
& Timely knowledge
Credit

Soil Farmer Water

en
Repayment Feedback
& Security
3
4 Manpower
Improved Product

ic s
More Investments Quality

u
0RUH3URͤWV

pp
Minimum Quality Value Added
or
Contract Farming 4 guaranteed 3 t
Goods Turnkey Projects
Dehydrated Onion & Vegetable price
Agro- Consulting
Processed Fruit
Agronomy Services
Survey & Analysis
Irrigation Scheduling
Markets
Figure 1: The Jain Virtuous Self Sustaining Agri Cycle Fertigation Scheduling
Training & Capacity Building
©
An “Earth-Friendly” Brand:
Conservation of resources is at the root of our ethos. Each of our products is an outcome of an effort to conserve
nature’s precious resources through substitution or value addition. Across our integrated value chain we have adopted
‘MLM’ principle i.e. “More from less for more”. This principle is based upon Innovation, Inclusiveness and Sustainability.
“More Crop Per Drop®”, is the slogan that communicates the company’s enduring approach to water energy and food
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technologies and follow international standard for quality, environment and safety. Thus, the products have minimum
environmental footprint over the Life Cycle. The water and energy savings through our irrigation products during use phase
of life cycle are tabulated below:
Table 7 - Water Saved by Micro Irrigation Products (Billion liters)
Activity Savings per annum Total Savings
Drip Irrigation Systems 70% to 95% 4,11,846.70
Sprinkler Irrigation Systems 50% to 70% 7,640.65
Total - 48,789.00
Table 8 - Energy Saved by Micro Irrigation Products
Activity Total Savings
Drip Irrigation Systems 5,698.06
Sprinkler Irrigation Systems 2,803.58
Total 8501.00 Giga Watt-hours (GWh)

103
 Principle 3: Employee Well-Being
At JISL we believe that employees are the most important assets for our company. An employee is more than just a worker
at JISL and we call them as ‘associates’. We believe in positive investment in our workforce for their overall development
and the company’s growth. We employ more than 10,000 associates all over the world. The break-up is given below:
Table 9 - Information on Permanent Employment
No. of Associates [India] No. of Associates [Overseas]
Female Male Total Female Male Total
339 9,431 9,770 282 841 1123

Table 10 - Information on Contract Employment

Contract Employees [India] Contract Employees [Overseas]
4,789 288

As part of our non-discriminatory policy we induct associates from all walks of life to ensure a cosmopolitan culture within
our organization. For us the relationship between the organization and associates is like that of a big family, marching ahead
with a common purpose and mission. At all levels we interact with the associates to understand concerns, expectations,
family background and importantly, how the associates feel about the work experience. Our grievance redressal system
ensures that all grievances are addressed in minimum time and provide maximum satisfaction. It is further strengthened
by a robust whistle-blower policy.

Work Ownership is a home-grown notion which propagates a central thought among the associates that he owns the
organization, and that is why he owns the work he does in the organization. The principle of mutual accountability is the
driving force of this notion.

Training and Development:

Ours being a multi-domain organisation, with world-class facilities, our workforce comprises of the best of caliber from
all disciplines. Working with such varied talents though a challenge, we manage to retain the best of industry practices in
terms of human rights, ethics and transparency. From the persepective of human resource management, our current focus
is on retaining the best talents and providing them excellent training to develop their skills whilst continuing with our focus
on enhanced employee engagement. Training details for FY 16-17are as below.

Table 11 - Training Details of Associates

Sr.
Management Level Training Hours [India] Training Hours [Overseas]
No.
1. Senior Management 5,152 470
2. Middle Management 59,558 475
3. Lower Management/Floor Management 35,467 608
Total 1,00,177 1,553

104
Performance Review and Benefit Plans:
Performance review is carried out for associates of Indian and overseas facilities. All our employees (i.e.100%) irrespective
of gender and category get performance review every two years (except new joinees). The salary structure contains the
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Annuation fund by Company, along-with all other statutory entitlement such as Gratuity, Bonus, and Leave entitlement.
For Non-unionized associates, in normal circumstances, we revise the pay scales on bi-annual basis.

The Company is a fair employer, following the principle of equal pay for equal value. Our prosperity lies in the prosperity of
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standards and thus, ensures social and economic security for our associates in a sustainable manner. A fair appointment
and remuneration policy has been formulated to ensure the same.5
5
http://www.nseprimeir.com/Pages/companycorporate.aspx?value=3cYDU7170mvM600MSHCcMw==
Equal Opportunity Employer
The entry level wages are provided as per The Minimum Wages Act and the entry level wages are same for male and
female associates. There is no gender differentiation for entry level minimum wages. The entry-level wages (minimum
wages) are different for different states in India. We have in place comprehensive policies (e.g. sexual harassment policy,
whistle blower policy) which help us in providing best working environments to our associates. As a responsible corporate
citizen, we are committed to a gender friendly workplace. We seek to enhance equal opportunities for men and women,
prevent/stop/redress sexual harassment at the workplace and institute good employment practices. The status on work-
place related complaints during FY 16-17 is tabulated below.

Table 12 - Workplace Related Complaints

Sr. No. Management Level No of complaints filed No of complaints pending
1. Child labour/forced labour/involuntary labour Nil Nil
2. Sexual harassment Nil Nil
3. Discriminatory employment Nil Nil

We maintain an open door for suggestions, complaints and counselling. We encourage associates to report any harass-
ment concerns and are responsive to employee complaints about any unethical /inappropriate behaviour within the
organization, and further ensure appropriate action, wherever required.

Health and safety

Health and safety of associates represents the cornerstone of the Company’s philosophy. We attach great importance to
a healthy and safe work environment. To manage environmental , occupational health and safety aspects across all our
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standards and are guided by our Quality, Environment, Occupational Health and Safety Policy. The Company is committed
to provide good physical working conditions and encourages high standards of hygiene and housekeeping. Particular
DWWHQWLRQLVSDLGWRWUDLQLQJRIHPSOR\HHVWRLQFUHDVHVDIHW\DZDUHQHVVDQGDGRSWLRQRIVDIHZRUNLQJPHWKRGVVSHFLͤFDOO\
designed to prevent serious or fatal accidents.
Principle 4: Stakeholder Engagement
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Supplier environmental social and economic challenges of present times,
Meets effective stakeholder engagement is crucial. We need to go beyond
Extension Farmer
Meets Meets the conventional framework of price, product, place and
promotion. To create a sustainable and inclusive business model it
is necessary to involve the most critical component i.e.
CSR Jain GAP
Projects community. Community is a part of our business initiatives,
Meets
because it gets impacted by our products and services and in turn
Stakeholder
Engagement can impact the business. We engage with our stakeholders via
Platforms different platforms through regular physical meetings and written
Award Project
Ceremonies UNNATI and verbal feedbacks. Some of the stakeholder engagement
platforms are depicted here.
Regional The inputs are sought from stakeholders through above processes
Training and National
Conferences on economic, environmental and social parameters. The internal
Workshop teams (e.g. purchase, manufacturing, marketing, extension, HR
etc.) also provide input on environment, economic and social
parameters.
105
 Stakeholder Consultation for Materiality Assessment:
0DWHULDOLW\DVVHVVPHQWLVDQLPSRUWDQWSDUWRIVXVWDLQDELOLW\SUDFWLFHVZKHUHZHGHͤQHWKHPDWHULDOLVVXHVWKDWDUHRIWKH
utmost importance to all our stakeholders as well as to our own business. As a part of materiality assessment process, we
actively interacted with our stakeholders on sustainability aspects to understand their perspective and concerns about
their engagement with JISL. Various stages of materiality assessment process of JISL are shown here.
Monitoring &
,GHQWLͤFDWLRQ Prioritation 'HͤQLQJ
Stakeholder Stakeholder Reporting of
of Material of Material Aspect
,GHQWLͤFDWLRQ Engagement Material
Aspects Aspects Boundary
Aspects

In food, we are working on second phase of UNNATI project whereas we have plans to get engaged with 1,00,000 farmers
in next few years. In addition we also work with more than 5,000 contract farmers of white onion.

Materiality Assessment and Matrix:

The list of sustainability aspects which various stakeholder groups ranked on priority scale is given below.
Table 13 - Sustainability aspects to confirm materiality issues

Sr. No. Sustainability Aspects Sr. No. Sustainability Aspects

1. Water management 13. Employee diversity, talent management and retention
  (QHUJ\HIͤFLHQF\LQRSHUDWLRQDQGSURGXFWXVH 14. Grievance redressal
3. Waste management 15. Community development: (CSR)
4. Greenhouse gas management 16. Supply chain management
5. Biodiversity and ecosystem protection 17. Customer satisfaction
6. Renewable and other energy sources 18. Training and development
7. Creating shared value 19. R&D and extension activities
8. After sales services (agriculture) 20. Collaboration, merger and acquisition
9. Occupational health and safety 21. Payments and other inancial aspects
10. Security and material protection 22. Government taxes and other payments
11. Human rights, ethics and integrity 23. Product safety
12. Labour management

Following chart shows the priority material issues for the organization arrived after comprehensive stakeholder consulta-
tion. The results of assessment are shown in below chart:

Material Aspects and Boundary

Material Issues Material Aspects Internally Material Aspects Externally
Water management / WATER ͛ ͛
(QHUJ\HIͤFLHQF\LQRSHUDWLRQDQGSURGXFWXVH(1(5*< ͛ ͛
Waste Management / EFFLUENT AND WASTE ͛ ͛
Greenhouse Gas Management / EMISSIONS ͛ ͛
Biodiversity and Ecosystem Protection / ͛ ͛
Renewable and other energy sources ͛ ͛
Creating Shared Value ͛ ͛
After Sales Services (Agriculture) b ͛
Occupational Health and Safety ͛ b
Security and Material protection ͛ b
Human rights, ethics and integrity ͛ b
Labour Management ͛ b
Employee Diversity, Talent Management and Retention ͛ b
Grievance Redressal ͛ ͛
Community Development : (CSR) ͛
Supply Chain Management ͛
Customer Satisfaction ͛

106
 Material Issues Material Aspects Internally Material Aspects Externally
Training and Development ͛
R&D and Extension Activities ͛
Collaboration, merger and acquisition ͛
Payments and other Financial Aspects ͛
Government taxes and other payments ͛
Product safety ͛

Table: Priority ranking of material issues as a result of stakeholder consultation.

As a part of our stakeholder engagement process and materiality assessment we have plans to reach out to more
suppliers in coming years.

Principle 5: Human Rights

The very foundation of our Responsible Business model is the respect for human dignity. We have a comprehensive set
of HR practices (as a part of HR Manual and Human Rights Policy of the Company) that is guided by international Human
Rights principles and encompasses the universal declaration of human rights, the ILO’S declaration on fundamental
Principles and Rights at work and the United Nations guiding principles on business and human rights. The human rights
manual and procedures therein applies to all manufacturing operations in India. Similarly overseas plants have their own
set of HR procedures as per the applicable laws of respective country and international standards. We are committed to
identify, prevent and mitigate adverse human rights impacts resulting from or caused by our business activities before or
if they occur through human rights due diligence and mitigation process.

Further our robust governance mechanism guided by code of business conduct and ethics, an occupational health and
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appropriate human rights practices across our businesses.

Principle 6: Environment
We believe that commitment to sustainable development is a key component of responsible corporate citizenship and
therefore deserves to be accorded the highest priority. Development of mankind and environment are not only inter-related
but are also inter-dependent. Any developmental process impacts and, in turn, is impacted by the environment.

We are driven by our mission ‘leave this world better than you found it’ for protection of environment and conservation of
natural resources. Being the pioneers of sustainable agriculture, all our business actions have been carried out while
safeguarding our environment and biodiversity. Further, our watershed and agro-forestry projects have been instrumental
in converting non-arable land into productive land, reducing soil erosion and increasing the ground water table.

Low Carbon Model:

JISL is committed to manufacture products with minimal environment impact. Our Micro Irrigation System (MIS),
progressive investment in renewable energy (state-of-the-art 1.6 MW biogas and 8.5 MW solar power plants) resulted in
JISL’s manufacturing operations being serviced by captive green energy sources and reduce greenhouse gas emissions
respectively. Further the projects have helped us moderate our carbon footprint and graduating us to a point where our
substantial power requirements are met from renewable energy.

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Mechanism (CDM) of United Nations. Following are the details of projects registered by Jain Irrigation under CDM and their
corresponding GHG emission reductions.

107
 Table 14 - CDM Projects Commissioned by JISL
Type and Quantity of Carbon Credit
CER (Certified Annual GHG
VCU (Voluntary Reduction
Sr. Emission
Registered Projects No. Carbon Units) from Potential
No. Reductions) from
VCS (t-CO2-eq)
CDM
13.2 MW Wind Mill Power Project in Theni
- district of Tamil Nadu, by JISL-India
1 - 13,504 N/A6
(UNFCCC Link: http://cdm.unfccc.int/Projects/DB
RWTUV1352285858.98/view)
Solar Photovoltaic Power Project at Jalgaon, 3,620 - -
Maharashtra
2 Solar Photovoltaic Power Project at Jalgaon,
Maharashtra - 25,133 13,243
(UNFCCC Link: https://cdm.unfccc.int/ Projects/
DB/RWTUV1354196185.47/view)
Fuel Switch Project at Chittoor by Jain Irrigation
Systems Limited
3 - - 5,240
(UNFCCC Link: https://cdm.unfccc.int/ Projects/
DB/RWTUV1355988019.81/view)
,PSURYHPHQWLQ(QHUJ\(ͤFLHQF\WKURXJK
Micro-Irrigation Systems (MIS) in cultivation of
Banana Crop in Jalgaon, Dhule Nadurbar and
4 - - 8,3837
Nashik districts, Maharastra State, India
(UNFCCC Link: https://cdm.unfccc.int/ Projects/
DB/DNV-CUK1346753012.84/view)
Biogas based power generation project in
Maharashtra, India
5 - - -
(UNFCCC Link: https://cdm.unfccc.int/ Projects/
DB/RWTUV1382102679.09/view)"
38,637
Total Carbon Credits (tCO2- eq) 3,620 (issued) 33,556
(issued verified)

42,257 33,556
Grand Total (tCO2- eq)
(issued/verified) (tCO2-eq/annum)

7KHSURMHFWZDVVROGWRDQRWKHUSDUW\DIWHUͤUVWLVVXDQFH
7) Project is not completely commissioned so far

108
Compliance through Environment Management Systems:
We maintain and continually improve upon overall environmental performance as per applicable national statute,
standards and relevant international standards. JISL has formed a separate HSE team to monitor and report on its quality,
environment and occupational health & safety indicators to the top management. Our manufacturing units at are complying
with the requirements of following international standards:
1) ISO 14001: 2015
2) ISO 50001:2011
3) ISO 14064: 2006
4) ISO 14046: 2014 and
5) Alliance for Water Stewardship (AWS)
The above environment management systems help us in assessing the potential environmental risks and provide
guidance for risk mitigation. In addition In addition the Company adheres to the IFC Performance Standard I, II, III, and IV
to manage social, environmental and safety risks and impacts and to enhance development opportunities. All the
emissions or wastes generated from our premises are with the given limits of CPCB, SPCB and IFC standards and their
disposal is as per the applicable norms.

Biodiversity Enhancement:
The seeds of biodiversity conservation and enhancement were sown in 1988 when we started soil conservation and
watershed development practices at Jain Hills and Jain Valley, our head quarter location in Jalgaon. More than 600 acres
land,FRPSOHWHO\EDUUHQWKHQLVQRZKRPHWRPRUHWKDQSODQWVSHFLHVDQGPRUHWKDQQRWLͤHGDQLPDOVSHFLHV

Table 15 - Details of biodiversity mapping at Indian operations:

Biodiversity Biodiversity Number Number
Accounting Accounting of Notified of Notified Number
Sr. No. Site
Done For Done For Fauna Flora of Trees
Flora Fauna Species Species
1 Jain Agri Park, Jalgaon ͛ ͛
2 Jain Food Park, Jalgaon ͛ ͛ 184 150 146,523
3 Jain Energy Park, Jalgaon ͛ ͛
4 Jain Tissue Culture Park, Jalgaon ͛ ͛ 50 20 3,350
5 Jain Plastic Park, Jalgaon ͛ ͛ 20 20 15,616
6 Jain Food Park, Chittoor Unit-1 ͛ 29 803
7 Jain Food Park, Chittoor Unit-2 ͛ 25 899
8 Jain Food Park, Vadodara ͛ 19 273
9 Jain Plastic Park, Udumalpet ͛ To Be Accounted 19 165,218
10 Jain Plastic Park, Hyderabad ͛ 9 635
11 Jain Plastic Park, Alwar ͛ 39 3,362
12 Jain Plastic Park, Bhavnagar ͛ 9 403

Principle 7: Policy Advocacy

We at JAINs believe in co-creation and collaboration to achieve sustainable growth. We aim to create much higher societal
value in the business eco-system and communities we work by practicing pro-active advocacy. Our purpose is not just
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We are active members of key business and industry associations which includes UNFCCC, Water Resources Group
formed by WBCSD, Geneva, and World Economic Forum, India Water Tool initiative developed by the WBCSD TERI-BCSD,
Water Footprint Network, Creating Shared Value Platform, CII Environmental Committee, BCCI Sustainability Committee,
ASSOCHAM Agriculture Committee, Bombay Chamber of Commerce, FICCI, and Global Water Partnership ASABE among others.

Some of the key public issues in which we are proactively involved are:
Ɣ Promoting innovative technologies in agriculture that create shared value for smallholder farmers while contributing to
the protection of environment and conservation of natural resource
Ɣ Paving the way to transform India into a global agriculture power house by creating a self-sustaining agri-cycle.
Ɣ *LYLQJ D QHZ GLPHQVLRQ WR SODVWLF E\ WUDQVIRUPLQJ LW LQWR DQ HIIHFWLYH WRRO WR ͤJKW FOLPDWH FKDQJH DQG WR SURYLGH
fundamental solution to the complex agricultural challenges and water supply challenges thus ensuring food, water
and energy security for all.

109
 Ɣ Actively promoting water conservation, low carbon economy model, zero waste management, green energy and
pro- environmental initiatives.

Principle 8: Inclusive Growth

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QRVXFFHVVIXOEXVLQHVVFDQHYHUUHPDLQYLEUDQWIRUORQJLILWLJQRUHVWKHQHHGVRIVRFLHW\DQGWKHHQYLURQPHQW̹:HͤUPO\
EHOLHYH WKDW GHͤQLQJ WKH FRUSRUDWH SXUSRVHV DURXQG PHHWLQJ VRFLHWDO QHHGV RSHQV QHZ RSSRUWXQLWLHV IRU JURZWK DQG
SURͤWDELOLW\ZKLOHHQVXULQJSURVSHULW\IRUDOO,QFOXVLYHJURZWKIRUXVPHDQVWRDGGUHVVWKHVRFLHWDOQHHGVDQGFKDOOHQJHV
with an innovative & inclusive business model to create a better world for everyone. Long before the Section 135 of The
Companies Act, 2013 and the subsequent CSR Rules came into force, The Company, passed a resolution in 2008 (Clause
151 of Articles of Association of Jain Irrigation Systems Ltd.) and decided the expenditure on social development projects
XSWRRIWKHQHWSURͤW

:HKDYHDFRPSUHKHQVLYH&653ROLF\ZLWKGHͤQHG&653URJUDPV3URMHFWV:HFDUU\RXWWKH&65DFWLYLWLHVDVSHURXU&65
Policy on our own and through our associated foundations namely Bhavarlal and Kantabai Jain Multipurpose Foundation
%.-0)DQG*DQGKL5HVHDUFK)RXQGDWLRQ:HVSHQWPRUHWKDQRIDYHUDJHQHWSURͤWRIODVWWKUHH\HDUV8 (that equals
to INR 10574745) on our CSR projects during FY 15-16. Some of the key community projects undertaken are as follows:
8
Project wise detailed break-up of CSR spending is given under CSR report section of this annual report.
Empowering our Farmers:
Our inclusive business model creates a complete agricultural value-chain. We offer farmers inputs-micro-irrigation
V\VWHPV 0,6 VHHGV VDSOLQJV 39& SLSHVͤQDQFLQJ DQG WUDLQLQJ RQ JRRG DJULFXOWXUDO SUDFWLFHV WR SURGXFH PRUH DQG
higher quality crops. We also purchase fruits and vegetables from farmers through our food processing division for
processing and sale in export and domestic markets. In this way, our inclusive business reaches farmers as both
consumers and producers. Our Self-Sustaining Agri-Cycle aims at transforming our farmers into successful entrepreneurs
by providing total solution to complex agricultural and climatic challenges. At present we work more with than 5,000 onion
growing contract farmers directly for implementation of good agriculture practices and on farm health and safety practices
through JAIN GAP implementation. Approximately 40% raw material is procured from these local contract farmers for our
onion dehydration facility. In addition we provide training on micro irrigation and hi-tech farming to more than 50,000
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Rural Development:
Empowerment of rural India, in particular the farming
community has been the core focus of our organization
from the beginning. Be it bringing the cutting-edge
technology and innovative products or to reach the small
farmers through creating shared value or the programs
undertaken by us as a part of our social responsibility.

The broad areas we are targeting through our rural

development programs include but not limited to; village
sanitation, promotion of preventive healthcare, making
available safe drinking water and making available water
for irrigation. Recently in six villages we have also started
on a pilot basis “community toilet project”, “100% village sanitation project” and “people initiative for rural development
through Joint Liability Groups(JLG)”. We believe that ultimate exit plan for our projects shall be community ownership with
DVHOIVXVWDLQLQJV\VWHPZKLFKZLOOHQVXUHHTXLWDEOHGLVWULEXWLRQRIHFRQRPLFDVZHOODVVRFLDOEHQHͤWLQWKHORQJUXQ

Ensuring Environmental Sustainability:

Being the pioneers of sustainable agriculture all our business actions are derived out while safeguarding our environment
and biodiversity. Further, our watershed and agro forestry projects have been instrumental in converting non-arable land
into productive land reducing soil erosion and increasing ground water table we further continue to support following
activities.

Ɣ Promoting watershed activities and rainwater harvesting in villages

Ɣ Supporting Future Agriculture Leaders of India (FALI) project

Ɣ Supporting educational activities for promoting modern agriculture practices

Ɣ t
Supporting awareness campaigns on environment protection and sustainable environmental practices.

110
Promoting Education:
It has been our endeavour for long time to provide world-class education students from all walks of life for this purpose we
established Anubhuti English Medium school in the heart of Jalgaon city to enable high quality English medium education
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activities to ensure holistic development of each and every student. The facilities provided to impoverished kids include
free uniforms, books, healthy food, healthy fruit juices, training on yoga and meditation, sports, art, crafts, and a periodical
health check-up.

Promoting Sports:
Jain Sports Academy, being run under BKJMF,
provides training and support for promotion
of rural and national level sports. Since its
inception the academy is actively conducting
coaching and courses on sports and health
education. It is also involved in conducting
free training camps for sponsored boys and
girls under the age of 15, making it possible
for them to participate in the district, state and
national level tournaments. The academy also
conduct competition in most traditional Indian games like Kho-Kho, Carrom, Trekking, Badminton, Basketball, Volleyball,
Football, Hockey, Cricket among others. The ultimate aim of the academy is to bring out the real talent, train them and give
them an opportunity to excel themselves at various national and international sports events.

We help farmers to produce more and better

PVC, HDPE Piping Drip Irrigation Sprinkler Tissue Cultured Controlled Solar Powered Pump &
Systems Systems Irrigation Systems Plants Agriculture Green Energy Solutions

Drinking Water Contract Farming Training and Research and Integrated Irrigation
Solution Extension Development Solutions

We purchase fruits, vegetables and spices from farmers

We process these for export and domestic markets

Dehydration Onion Spices & Seasoning Frozen Fruits - IQF Frozen Fruit Purees Blended Fruit Fruit Pulps, Puree &
and Vegetable & Chilled Onion Snack Concentrates

111
 Principle 9: Customer Value
We have always welcomed and lived up to customer expectation and aspirations. Our efforts are to engage with our
customer through our products and services which help them too for improving their overall environmental and social
performance. The organization has proper mechanism to engage with customer. We engage with them through various
extension activities (e.g. kisan mela, training program, workshops, customer feedback etc.). During the reporting period we
have no pending complaints from our customers.

Table 16 - Customer Specific Complains Data:

Complaints Received from Customers Complaints Pending Resolved
1585 0 100%

:HKDYHHVWDEOLVKHGDSUDFWLFHIRUREWDLQLQJZRUNFRPSOHWLRQFHUWLͤFDWHIURPFXVWRPHUV:HDOVRSDUWLFLSDWHLQFXVWRPHU
DXGLWVDWLWVIDFLOLWLHVE\PDMRUFXVWRPHUVRIGLYHUVLͤHGEXVLQHVVHVYL]+LQGXVWDQ&RFD&ROD3ULYDWH/WG1HVWOH$OFDWHO
McCormick and Unilever. The Company is a member of Sedex. Jain Farm Fresh Foods Limited’s (JFFFL, a subsidiary from
FY 16-17 onwards) fruit processing and onion dehydration plants undergo SMETA audits by third party auditors who verify
compliances with local/international regulatory requirements. SMETA audits are recognized by customers for compliance
with labour standards, health and safety, environment and business ethics.

Some of the major customers in India and overseas are:

Indian Customers:
Farmers (in all categories—marginal, medium and large ), Aditya Birla, Bharti, BSNL, Hindustan Coca-Cola Beverages Pvt.
Ltd, GGRC, Gujarat Gas, Unilever, HFCL, Vodafone,IGL, IVRCL, Larsen and Toubro, Mahanagar Gas, Nestle, Power Grid,
Tantia Constructions,BEFESA, Ramky, Reliance, Tata, etc.
Overseas Customers:
Farmers (in all categories—marginal, medium and large ), Alcatel, Amari Plastics Plc., Cargill, Coca-Cola, GE, General Mills,
Innocent, Kerry, Mars Incorporated, McCormick, Mitsui and Co. Ltd., Nestle, Polytrim, Saarioinen, Schumacher, SVZ
Industrial Fruit and Vegetable, Taiyo, Unidelta, Vinky, Worlee etc.
Product Responsibility:
JISL manufactures products with minimal environment impact. Our MIS and renewable energy products help moderate
energy consumption as well as carbon dioxide and other greenhouse gas emissions.
Concurrently, we prioritize our compliance by meeting standards related to product quality, customer health and safety,
through product and service labeling, marketing communications and customer privacy. We intend to sustain growth
through leading to customer satisfaction, manufacture of quality products at optimum costs, marketing them at
reasonable prices and enhancing stakeholder return leading to enhanced organizational value.

112
Corporate information
Board of Directors
Non Executive Directors
Company Secretary & Chief Compliance Officer
Devendra Raj Mehta – Director Independent
Avdhut V. Ghodgaonkar
Ghanshyam Dass – Director Independent
Radhika Pereira – Director Independent Chief Financial Officer
Vasant V. Warty – Director Independent Manoj L. Lodha
H. P. Singh – Director Independent
Auditors
Executive Directors Haribhakti & Co. LLP Chartered Accountants Mumbai-
Ashok B. Jain – Chairman 705, Leela Business Park, Andheri-Kurla Road, Andheri(E),
Anil B. Jain – Vice Chairman Mumbai 400 059.
& Managing Director
Ajit B. Jain – Joint Managing Director Bankers
Atul B. Jain – Joint Managing Director Andhra Bank, Mumbai
R. Swaminathan – Executive Director Axis Bank Ltd., Mumbai
Bank of Baroda, Mumbai
Audit Committee
Canara Bank, Jalgaon
Ghanshyam Dass – Chairman
Export Import Bank of India, Mumbai
Vasant V. Warty – Member
IDBI Bank Ltd., Mumbai / Pune
Radhika Pereira – Member
Indian Bank, Mumbai
Nomination & Remuneration Committee Punjab National Bank, Mumbai
Vasant V. Warty – Chairman Co-operative Centrale Raiffesen Boerenleen Bank, Mumbai
Ashok B. Jain – Member (formerly Rabo Bank International)

Radhika Pereira – Member Standard Chartered Bank, Mumbai

H.P Singh – Member State Bank of India, Mumbai / Jalgaon

Syndicate Bank, Mumbai
Stakeholders Relationship Committee
Union Bank of India, Mumbai
Radhika Pereira – Chairperson
Yes Bank Ltd., Mumbai
Vasant V. Warty – Member
Ajit B. Jain – Member Registrar and Transfer Agent (RTA)
Link Intime India Private Limited,
Corporate Social Responsibility Committee C 101, 247 Park, L B S Marg, Vikhroli West, Mumbai 400
Ashok B. Jain – Chairman 083. Tel No: +91 22 49186000, Fax: +91 22 49186060,
Devendra Raj Mehta – Member email id: rnt@linkintime.co.in. Web: www.linkintime.co.in
Radhika Pereira – Member Solicitors
Risk Management Committee Solomon & Company, Calcot House, 3rd Floor, 8/10,
M.P.Shetty Marg, (Tamarind Street), Fort, Mumbai– 400023.
Ghanshyam Dass – Chairman
Atul B. Jain – Member
Corporate Identification Number (CIN)
Radhika Pereira – Member
L29120MH1986PLC042028
Operations Review Committee
Registered Office
Anil B. Jain – Vice Chairman
Jain Plastic Park, N.H. No.6, Bambhori, Jalgaon. 425001.
& Managing Director
(Maharashtra) India.
Ajit B. Jain – Member
Tel +91-257-2258011, Fax +91-257-2258111,
Atul B. Jain – Member
Email : jisl@jains.com; investor.corr@jains.com,
R. Swaminathan – Member
Visit us at: www.jains.com

113
 Jain Irrigation Systems Ltd.

Five years at a glance

Fig. ` in Million
Period April to March Standalone Consolidated
Financial Performance (April-March): 2013 2014 2015 2016[6] 2017[6] 2013 2014 2015 2016 [6] 2017 [6]
Revenue from Operation (Including other operating income) 36,226 42,909 43,931 44,382 38,640 51,334 59,859 63,093 64,865 69,393
Profit before Interest, Depreciation, Taxation and Forex gain/loss (PBDIT) 6,917 7,095 6,981 7,496 7,077 8,236 8,562 8,645 9,221 10,360
Finance cost ^ 3,897 3,754 3,736 4,013 3,240 4,688 4,570 4,502 4,722 4,499
Depreciation, Amortisation and Amounts written off 1,599 1,777 2,329 2,803 2,368 2,177 2,551 3,068 3,609 3,718
Foreign exchange (gain)/ loss* 934 1,865 567 (250) (563) 1,245 2,300 763 255 (264)
Profit Before Tax 487 (301) 349 930 2,032 125 (860) 311 635 2,407
Taxation (including MAT & deferred tax adjustments) 186 (340) (149) 318 394 80 (462) (239) 180 667
Profit After Tax 301 39 498 611 1,638 45 (398) 550 455 1,740
Prior period Expenses - - (4) - - - - (4) - -
Pre acquisition profit/ (loss), Minority interest & Share of loss in associate - - - - - (14) (0) 8 29 (45)
Net Profit for the year (NP) 301 39 494 611 1,638 31 (398) 554 484 1,695
Adjusted Net Profit for the year [1] 1,235 1,904 1,061 361 1075 1,276 1902 1,317 739 1,431
Equity Dividend (including Dividend Tax) 266 271 278 287 433 266 271 278 287 433
^ Net of interest received.
* Including (gain)/ loss on derivatives and fair valuation of embedded derivatives.
Financial Position As At March 31, 2013 2014 2015[6] 2016[6] 2017[6] 2013 2014 2015 [6] 2016 [6] 2017 [6]
Liabilities
Shareholders Equity[2] 23,367 23,529 37,634 44,514 46,092 21,680 21,755 35,677 42,143 43,166
Minority Interest - - - - - - 205 - 1025 1,089
Deferred Tax Assets/ Liabilities (net) 1,810 1,396 4,539 3,728 3,907 912 217 3,114 3,186 3,393
Long term liabilities & provisions 71 169 505 313 1,074 124 242 1,444 1,253 1,269
Long term loans (including current maturities & excluding CCDs) 14,416 14,420 15,673 11,984 7,331 18,211 18,694 19,521 18,426 26,399
Short Term Loan 14,212 14,969 15,524 13,435 6,008 20,041 21,889 23,141 21,315 12,348
Other current liabilities (excluding current maturities of long term loans) 13,584 13,676 15,386 10,543 12,078 16,311 17,847 19,198 18,819 22,402
Total Liabilities 67,460 68,159 89,261 84,517 76,490 77,279 80,850 102,095 106,167 110,066
Assets
Tangible assets (including CWIP) 20,184 20,038 39,047 30,225 29,490 24,522 25,811 45,004 44,955 44,471
Goodwill on Consolidation - - - - - 1,759 2,192 3,388 3,440 3,448
Intangible assets 140 193 153 161 147 554 575 550 535 755
Long term loans, advances & other non-current assets 3,662 3,567 2,846 3,098 2,055 3,959 4,312 2,604 2,727 2,783
Investment (excl. Liquid Investments) 7,003 7,311 7,353 14,271 11,227 38 14 672 707 811
Current assets (excluding cash & cash equivalents) 34,754 35,831 37,643 35,477 33,208 44,088 45,978 46,838 49,657 55,138
Cash & Cash Equivalent (incl. Liquid Investments) 1,717 1,219 2,219 1,285 363 2,359 1,968 3,039 4,145 2,661
Total Assets 67,460 68,159 89,261 84,517 76,490 77,279 80,850 102,095 106,167 110,066

Ratio Analysis
Current Ratio (Times) 1.20 1.20 1.21 1.38 1.47 1.15 1.10 1.10 1.23 1.43
Total Debt / Equity (Times)[3] 1.23 1.25 0.83 0.54 0.27 1.76 1.87 1.20 0.94 0.90
Return on Average Capital Employed (%)[4] 14.05% 13.46% 11.18% 10.39% 10.35% 14.71% 14.31% 12.27% 11.31% 12.32%
Per Share Data (`) (Face Value ` 2 each)
Basic EPS 0.70 0.09 1.07 0.88 3.18 0.07 (0.87) 1.21 1.05 3.29
Diluted EPS 0.70 0.09 1.07 0.88 3.18 0.07 (0.87) 1.21 1.05 3.29
Basic Adjusted EPS 2.89 4.18 2.29 0.78 2.26 2.98 4.18 2.85 1.60 3.00
Equity Dividend 0.50 0.50 0.50 0.50 0.75 0.50 0.50 0.50 0.50 0.75
Book Value 51.36 50.88 81.39 93.42 96.13 47.66 47.05 77.15 88.44 90.03
Shareholding Related As At March 31,
Number of Ordinary & DVR Equity shareholders 167,517 154,360 189,768 204,020 193,924 167,517 154,360 189,768 204,020 193,924
Market Capitalization[5] (` in Million) 27,456 29,597 28,048 28,309 44,344 27,456 29,597 28,048 28,309 44,344
Non-Promoter Shareholding 72.54% 71.31% 71.32% 69.10% 69.30% 72.54% 71.31% 71.32% 69.10% 69.30%
[1] Net Profit plus Net (gain)/loss on foreign currency transactions and translations.
[2] Shareholder Equity include CCD debt portion.
[3] Equity includes Compulsorily Convertible Debentures (CCDs).
[4] Average Capital Employed (Total Assets less Deferred Tax Assets less Cash & Cash Equivalent).
[5] Based on Market Price on National Stock Exchange (NSE) on 31st March of the year.
[6] Financials has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015(IND AS) prescribed under Section
133 of the Companies Act 2013 and other recognised accounting practices and policies to the extent applicable.

114
Key performance indicators
REVENUE FROM OPERATIONS (Net)
(`in Million)
Standalone CAGR - 2% Consolidated CAGR - 8%

44,382 69,393
42,909 43,931 64,865
63,093
59,859
38,640
36,226 51,334

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

PROFITABILITY
(`in Million)
Standalone CAGR PBDIT - 1% Consolidated CAGR PBDIT - 6%

10,360
7,496

7,077

9,221
7,095

6,981
6,917

8,645
8,562
8,236
1,904

1,902

1,431
1,235

1,075

1,276

1,317
1,061

739
361

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
PBDIT #FLWUVGF0GV2TQƒV PBDIT #FLWUVGF0GV2TQƒV

MARGINS
(% to Revenue from Operations)
Standalone Consolidated
16.0%

14.9%
14.3%

14.2%
13.7%
19.1%

18.3%
16.9%
16.5%

15.9%

3.2%
4.4%

2.5%

2.1%
3.4%

2.1%
2.8%
2.4%

1.1%
0.8%

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
PBDIT #FLWUVGF0GV2TQƒV PBDIT #FLWUVGF0GV2TQƒV

115
 Jain Irrigation Systems Ltd.

Key performance indicators

INTEREST COST$
(% to Revenue from Operations)
Standalone Consolidated

9.8 8.2%

8.2 6.8% 6.5% 6.6%

7.9 7.7 5.7%
7.4

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
$ Finance cost less interest received less bank charges

ROCE TREND#
(% age)
Standalone Consolidated

14.1% 14.7% 14.3%

13.5% 12.3% 12.3%
11.2% 10.4% 10.4% 11.3%

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

# Based on average capital employed

WORKING CAPITAL CYCLE (NET@)

Days Sales Outstanding (DSO)
Standalone Consolidated

165 174
150
135 137 170
165
157
142 144

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
@ Inventory plus Receivables less Accounts Payable

116
Key performance indicators
EARNING PER SHARE (EPS)
(` Per Share)
Standalone Consolidated
4.18

3.18

4.18
2.89

3.29
2.29

2.26

3.00
2.89

2.85

1.60
1.07

0.88

1.21

1.05
0.70

0.78
0.09

0.07

(0.87)
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
EPS Adjusted EPS EPS Adjusted EPS

MARKET PRICE PER SHARE* MARKET CAPITALIZATION

(` Per Share)

93.85 44,344

65.45 29,597
61.70 61.60 60.30 28,048 28,309
27,456

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
* As at March 31, on National Stock Exchange (NSE)
Face Value- ` 2/- per share

ASSOCIATES STRENGTH
(No of Associates)
Standalone Consolidated
9,179 9,188 10,893
10,455 10,461
9,443
9,007
8,341

7,903 7,916

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

117
 Jain Irrigation Systems Ltd.

Consolidated Revenue* Segmentation

BY BUSINESS VERTICAL ` in Million
Period April to March 2013 2014 2015 2016 2017 Mix(2017) CAGR
Hi-tech Agri Input Products 23,740 28,486 30,604 30,211 32,245 46.5% 8.0%
Plastic Division 13,412 16,344 15,220 16,811 17,968 25.9% 7.6%
Agro Processing Division 10,541 12,273 14,513 15,499 16,045 23.1% 11.1%
Other Business Division 3,642 2,756 2,755 2,343 3,135 4.5% (3.7%)
Total 51,334 59,859 63,093 64,865 69,393 100.0% 7.8%

REVENUE MIX (2016) Revenue Mix (2017)

23.1%
25.9% 23.9% 25.9%

4.5%
3.6%

46.5%
46.6%

Hi-tech Agri Input Products Plastic Division Agro Processing Division Other Business Division

GEOGRAPHY ` in Million

Period April to March 2013 2014 2015 2016 2017 Mix(2017) CAGR
India 29,802 33,228 35,091 35,632 38,407 55.3% 6.5%
Europe 8,553 9,873 12,438 12,383 12,884 18.6% 10.8%
North America 5,583 5,759 6,028 7,669 8,828 12.7% 12.1%
Rest of World 7,396 10,999 9,535 9,181 9,275 13.4% 5.8%
Total 51,334 59,859 63,093 64,865 69,393 100.0% 7.8%

REVENUE MIX (2016) REVENUE MIX (2017)

11.8% 12.7%
14.2% 13.4%

19.1% 18.6%

54.9% 55.3%

India Europe North America Rest of World

* Gross revenue (Including other operating income)

118
Board’s Report

To the members, 2) Operations - and State of Affairs of

We believe that greater things can be achieved when several the Company
people come together and work towards a common goal.
The transparency, teamwork and collaboration within our Standalone
associates not only makes us a stronger Company but The revenue including operating income remained
makes us close-knit family. The values of our Founder and stable during the year under review for the Company.
his Legacy have been carried forward through generations. Tissue Culture and PE Pipes segments were major
And all our associates have helped us come so far. All with growth drivers for the Company which showed the
a deep commitment, result-orientation and a passion for a sparkling growth rate of 19.4% & 28.7%, respectively.
sustainable eco-system. Hi-tech Agri Input Products Division grew by around
6%, while the Plastic Products division experienced the
6QIGVJGTYGJCXGETQUUGFXCTKQWUOKNGUVQPGUKPVJGƒGNFU
growth of healthy 10%. Other business division grew by
of Finance, Business and Technology. When such goals are
around 37.23%.
achieved, they deserve to be accounted. The Board's Report
is a similar account of the past one year, coming straight All the assets have been provided for with depreciation
from the Directors of our Company. We have a long way to based on life of assets in line with rates prescribed in
achieve our goal of reaching out to a large number of small Schedule II to the Companies Act, 2013 (on a pro-
holders and help them to create prosperity while ensuring all rata basis using straight line method). The Company
round development and protection of our dear planet Earth. has also prepared the Financial Statements based on
IND-AS.
1) Financial Highlights (Standalone)  6JG%QORCP[JCUTGRQTVGFCRTQƒVQH` 1,638 million for
` in Million (except EPS) FY 2017 as against ` 611 million of FY 2016, recording
Particulars 2016-17 2015-16 excellent growth of 168%. Repayment of high cost loans
Domestic Sales 34,053 34,667 JCF C RQUKVKXG KORCEV QP VJG %QORCP[ŦU RTQƒV CPF
TGUWNVGFKPKPETGCUGKPRTQƒVCDKNKV[
Export Sales & Services 3,341 8,751
Other Operating Income 1,246 964 Consolidated
Other Income 1,208 664 On Consolidated basis the revenue from operations of
Total Income 39,848 45,046 ` 69,393.2 million were recorded for FY 2017 as against
` 64,864.5 million for FY 2016 reflecting growth
Operating Profit 7,266 7,508
of 7.0% YoY, registering positive growth in all the
Interest and Finance Charges 3,423 4,285
business divisions. The Hi-tech Agri Input Products
Depreciation and Amortisation 1,811 2,293 Division registered the growth of 6.7% on YoY basis.
Profit/(loss) before tax 2,032 930 Plastic Division sales improved by 6.9% which was
Provision for Tax primarily driven by continued growth demonstrated
Deferred Tax Asset/(Liability) 216 295 by PE Pipe division in the domestic market catering to
institutional customers and infrastructure solutions
Current Tax Provision 178 24
and also positive growth in PVC Sheets business in
Profit for the year 1,638 611 Ireland. Agro Processing Division i.e. JFFFL expanded
Other Comprehensive Income (69) 5 by 3.5% from ` 15,499.2 million to ` 16,045.2 million.
Profit for the year after other Manufacturing Expenses were recorded at ` 5,706.2
1,569 616
comprehensive income million for FY 2017 as against ` 5,451.2 million of
Profit b/f from the previous year 22,496 22,158 FY 2016. Selling and distribution expenses were
Total Profit 24,065 22,774 ` 4,568.9 million for FY 2017 as against ` 3,842.7
Dividend Paid during the year OKNNKQP QH (; 6JGTG YCU FGETGCUG KP VJG ƒPCPEG
242 231 cost from the level of ` 4,910.1 million of FY 2016 to
(related to previous year)
Dividend Distribution Tax 48 47 ` 4,593.5 million of FY 2017, mainly due to repayment
Transfer to General Reserve Nil Nil of high cost loans. Other income for the whole year
FY 2017 was ` 612.0 million as against ` 332.8 million
Balance carried forward 23,775 22,496
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Earnings per Share (`) FY 2017 was ` 2,407.0 million as against ` 635.4 million
Basic 3.18 0.88 QH (;  /WNVKHQNF KORTQXGOGPV
: KP 0GV RTQƒV
Diluted 3.18 0.88 for FY 2017 was ` 1,762.4 million as against ` 486.8
million of FY 2016.

119
 Jain Irrigation Systems Ltd.
3) Dividend and Transfer to Reserves
The Directors propose to shareholders a Dividend on
Ordinary Equity Shares and DVR Equity Shares of ` 2
each, (details as follows) involving an outlay of ` 360
Million to all eligible shareholders, and ` 73 Million of
Dividend Distribution Tax, for year ended 31st March,
2017:
Particulars of Equity Shares Amount (`)
37.5% (` 0.75 per share) on 46,01,66,053
345,124,540
Ordinary Equity Shares of ` 2 each
37.5% (` 0.75 per share) on 19,294,304
14,470,728
DVR Equity Shares of ` 2 each
Total 359,595,268
Dividend Distribution Tax @ 20.358% 73,205,135
Total 432,800,403
4) Dividend Distribution Policy
The Securities and Exchange Board of India (‘SEBI’) via
KVUPQVKƒECVKQPFCVGFth July, 2016, made it mandatory
to the top 500 listed entities (based on the market
capitalization calculated as on 31st March of every
ƒPCPEKCN[GCTVQHQTOWNCVGC&KXKFGPF&KUVTKDWVKQP2QNKE[
and disclose the same in their annual reports and on their
websites. In terms of the above requirement, the Board
of Directors of the Company have formulated a Dividend
Distribution Policy (‘the Policy’). As per the policy, the
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after tax of the Company (as determined by the Board of
Directors and approved by the shareholders) subject to
the applicable rules and regulations. The detailed policy
is available on our website http://www.nseprimeir.
EQO\A,+5.,#.'35ƒNGU,+5.A&KXKFGPFA2QNKE[RFH
5) Fund Raising
Jain International Trading B.V. (the Company) Wholly
Owned Subsidiary (WOS) of the Company has priced
$ 200 million 5-year (non-call 3 year) senior unsecured
Notes offering at 7.125% per annum, due February 2022
(the Notes). This issue marked successful debut of Jain
Irrigation in the U.S. dollar bond markets. The Notes
have been rated B+ by S&P/ B+ by Fitch. The Company
has repaid high cost borrowings both Overseas and
Indian from proceeds of the Bond Issue. The Bonds are
guaranteed by Indian Parent Company and are listed
and traded at Singapore Stock Exchange.
6) Credit Rating
a) Credit Analysis and Research Limited (“CARE Ratings”)
in June 2017 revised the Corporate Credit Ratings of the
Company as follows;
i) CARE A: Stable (Single A Minus; Outlook: Stable) for
long term bank facilities (Term Loan) from CARE
BBB+ Stable.
ii) CARE A: Stable (Single A Minus; Outlook: Stable) for
long term bank facilities (Fund based) from CARE
BBB+ Stable.
iii) CARE A2: for short term bank facilities (Non Fund
based) from CARE A3+.
b) International rating agencies S&P Global Ratings and
Fitch Ratings had allotted “B+, Stable Outlook” and “B+
Positive Outlook” respectively, corporate ratings to Jain
International Trading B.V (‘JITBV’), our wholly owned
120
direct subsidiary, for issue up to US$ 200 million of
unsecured senior notes.
The main drivers for improvement in credit ratings as
per rating agency are reduction in high cost loans of the
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cost, well established and experienced promoters,
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offering, improvement in operating performance of the
Company in FY 2017 to name a few.
7) Capacity Expansion and Capital
Expenditure
The Company has continued its already pre-decided
growth/ maintenance capex. The following table shows
the capex incurred for maintenance and capacity
expansion implemented during the year, and the
resultant capacity addition in FY 2017:
Segment Unit Addition in Capex FY
Name Capacity 2017 (` In
for FY 2017 Million)
MIS MT - 281
Plastic division MT 13,280 307
Million
Tissue Culture Nil 104
Nos
Others &
- - 532
Corporate
8) Other Major Developments during FY
2017
Jain Irrigation Inc., USA, Wholly Owned Subsidiary of
the Company acquired technology and core team of
Australian Observant Pty. Ltd. (“Observant”). Observant
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cloud based applications for precision farm water
management. The acquisition has combined Observant’s
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global irrigation manufacturing and precision agriculture
technology platform to provide farmers with a broad suite
of capabilities to increase crop yield while, at the same
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The Company bagged order worth ` 2,844.3 million
under Atal Mission for Rejuvenation and Urban
Transformation (“Amrut Scheme”), the project shall
cover Bijapur and Bagalkot. The advantages and
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wastage, no contamination of water, assured water
supply to all levels of the society, increased water use
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Company has already commissioned 24*7 water supply
projects in four major cities in the State of Karnataka –
Hubli, Dharwad, Belgaum & Gulbarga earlier.
Jain Farm Fresh Foods Limited
Jain Farm Fresh Foods Limited (JFFFL) became
material subsidiary of the Company on 31st March,
2016 and commenced its operations in full force on the
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for JFFFL. The Company recorded the revenue of
` 15,952.1 million for FY 2017 on Consolidated basis.
Manufacturing Expenses for FY 2017 stood at ` 2,123.9
OKNNKQP6JGƒPCPEGEQUVHQT(;YCU` 666.3 million.
2TQƒVDGHQTGVCZHQTVJG%QORCP[HQT(;YCU` 864
 million which was reduced to ` 604.9 million after the Social Responsibility Practices. The said award was
outflow of funds for taxation. presented by BBC Knowledge at the HR Superstar
Award.
Sustainable Agro-Commercial Finance
During the year 2016-17, SAFL’s performance was as
Limited (SAFL) follows:
SAFL is focusing its activities and a NBFC promoted  &WTKPI VJG [GCT  5#(. OCFG 0GV RTQƒV QH
by Jain Irrigation operates in the rural & semi urban ` 9.44 Crores.
geographies of India. SAFL currently has its Head
1HƒEG KP /WODCK YKVJ  <QPCN 1HƒEGU  $TCPEJGU Highlights for the year ended 31st March 2017:
CPF  5CVGNNKVG QHƒEGU QRGTCVKPI CETQUU VJG UVCVGU QH Particulars Amount (` In million)
Maharashtra, Karnataka and Madhya Pradesh.
Applications received 1,229.0
In February, 2017 SAFL received the Award - Innovative
Sanctions accorded 1,204.0
Initiative in Rural Sector. The said award was given at the
Banking; Financial Services & Insurance Awards 2017 Disbursements effected 1,186.0
sponsored by ABP News. Further the Company has also Loans outstanding 2,599.0
received an award under the category Best Corporate Repayment received 810.0

9) List of Awards/ Recognition – Financial Year 2016-17

 6JGHQNNQYKPICYCTFUCPFCEEQNCFGUYGTGIKXGPRQUVJWOQWUN[VQ.CVG(QWPFGT5JTK$JCXCTNCN*,CKPFWTKPIVJGƒUECN
A) Late Shri Bhavarlal H. Jain
Name & Nature Award / Instituted By Given By
Honour
Akhil Bhartiya Khandesh Khandesh Ahirani Kasturi Sahitya Dr. Usha Sawant, Marathi & Ahirani Writer
Kohinoor Purskar Sanskrutik Kala Manch, Pune
Award for Recognition Robert B. Daugherty Water for Food Dr. Hank M. Bonds, President, University of
at Water for Food Global Institute at the University of Nebraska Nebraska Devoted to Gandhian Principles
Conference Pioneer in High-Productivity Irrigation

Lifetime Achievement Award
6JG%QORCP[CPFKV UFKTGEVQTUJCXGTGEGKXGFVJGHQNNQYKPICYCTFUCPFCEEQNCFGUFWTKPIVJGƒUECN
B) Jain Irrigation Systems Limited
Name & Nature Award /
Honour
Maharashtra Corporate
Excellence Award (Maxell
Award)-2017
Indian Society of Alliums; National Dr. C. D. Mayee, Ex-Chairman, Agricultural
Research Centre for Onion & Garlic; Scientists Recruitment Board
National Horticultural Research and
Development Foundation; Bejo Sheetal
Bio-Science Foundation, Jalna
Instituted By Given at the hands of Received
by
Maxell Foundation Sam Pitroda, Indian telecom revolution and Shri. Ashok
renowned technologist (Former Advisor to Jain
the Prime Minister on Public Information
Infrastructure & Innovations (PIII))

Uttar Maharashtra Ratngaurav' Maharashtra Tourism Devendra Fadnavis, Chief Minister, Shri. Ashok
Purskar Development Corporation Maharashtra Jain

Lifetime Achievement Indian Society of Alliums; Dr. C. D. Mayee, Ex-Chairman, Agricultural Shri. Anil Jain
Award-2016 National Research Centre Scientists Recruitment Board
for Onion & Garlic; National
Horticultural Research and
Development Foundation;
Bejo Sheetal Bio-Science
Foundation, Jalna
The Economic Times Polymers The Economic Times Economic Times Shri. Atul Jain
- CEO of the Year-2017 Polymers Magazine
APEDA Export Award-2014 Agricultural & Processed Food Ms. Rita A. Teaotia, Secretary, Department Shri. Athang
Products Export Development of Commerce, Ministry of Commerce & Jain
Authority, Government of India Industry, Government of India.

APEDA Export Award-2015 Agricultural & Processed Food Ms. Rita A. Teaotia, Secretary, Department Shri. Athang
Products Export Development of Commerce, Ministry of Commerce & Jain
Authority, Government of India Industry, Government of India.

121
 Jain Irrigation Systems Ltd.

10)Other Major Developments Post 12)Employee Stock Option Plan (ESOP)

March 2017
In April 2017 the Company was awarded the Poorigali
Integrated Micro Irrigation Project by Cauvery Neeravari
Nigam Limited. The project is based on the concept of
“Resource to Root”, globally pioneered and promoted by
the Company. The work order for the project valued at
` 5,689.54 million, the largest Micro Irrigation Project in
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DGCEJKGXGF/QTGVJCPHCTOGTUYKNNDGDGPGƒVGF
by this project.
In May 2017 the Company through its multi generation
wholly owned subsidiary in the United States of America
(USA) completed the acquisition of 80% stake in two of
the United States’ largest micro-irrigation dealers i.e.
Agri Valley Irrigation LLC, (AVI) and Irrigation Design
and Construction, LLC (IDC). This acquisition will help
JISL’s USA business to become an unparalleled leader in
design, construction, service and innovative Agricultural
technology providing a unique platform to help growers
implement state-of-the-art irrigation technology and
achieve “More Crop Per Drop”.
11)The Operations of Subsidiaries
 6JG5VCVGOGPVEQPVCKPKPIUCNKGPVHGCVWTGUQHVJGƒPCPEKCN
statements of subsidiary companies is attached in AOC-
1 at Annexure I.
 1VJGT5WDUKFKCTKGU
 +PHQTOCVKQPQPQRGTCVKQPCPFƒPCPEKCNQVJGTUWDUKFKCTKGU
is covered in the section MANAGEMENT DISCUSSION
AND ANALYSIS elsewhere in this Annual Report.
i) ESOP -2005
The exercise of all remaining ESOP’s were completed
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` 2/- each were allotted on exercise of options. The
Company raised an amount of ` 160.27 mn from the
allotment of securities, which funds were utilised for
working capital requirements and general corporate
purposes
ii) ESOP-2011
There is no material change during the year under
review in ESOP-2011. No option has been granted,
neither exercise of options has taken place during the
year under review, in ESOP-2011.
The Company shall at the forthcoming Annual
General Meeting place before the Shareholders a
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schemes have been implemented in accordance with
SEBI Guidelines/ Regulations, relating to employees
stock options as applicable from time to time, and in
accordance with the resolution of the Company at its
general meeting.
Further, details are disclosed on the Company’s website
and a web-link thereto is i) http://www.nseprimeir.
com/z_JISLJALEQS/files/Esop_Scheme_2005.zip&
KKJVVRYYYPUGRTKOGKTEQO\A,+5.,#.'35ƒNGU'UQRA
Scheme_2011.zip

i) A description of each ESOP that existed at any time during the year, including the general terms and conditions of each
ESOP, including:
Particulars ESOP 2005 ESOP 2011
Date of Shareholders approval 30-Sep-2005 30-Sep-2011
Total number of options approved under ESOP 10,000,000 5,356,000
Vesting requirements 3 yrs of grant 6 yrs of grant
Exercise price or pricing formula ` 60.45 each To be decided
Maximum term of options granted 7 years To be decided
Source of shares (primary, secondary or combination) Primary Primary and Secondary
Variation in terms of options None None
ii) Option movement during the year
Particulars ESOP 2005 ESOP 2011
Number of options outstanding at the beginning of the period 2,946,075 -
Number of options granted during the FY 2017 - -
Number of options forfeited / lapsed during the FY 2017
Number of options vested during the FY 2017 - -
Number of options exercised during the FY 2017 2,946,075 -
Number of shares arising as a result of exercise of options 2,946,075 -
Money realized by exercise of options (INR), if scheme is implemented directly by Company 160.27 mn
Loan repaid by the Trust during the year from exercise price Received NA
Number of options outstanding at the end of the year Nil -
Number of options exercisable at the end of the year Nil -

122
 iii) Details and disclosures in compliance with the Clause 12 of the SEBI (Employee Stock Option Scheme and Employee
Stock Purchase Scheme) Guidelines, 1999 are set out in the table below:
Sr. Particulars Lot No. 1 Lot No. 2 Lot No. 3 Lot No. 4
No
1) Employee-wise details of options granted to:
i) Senior managerial personnel (Not during the year) 377,500 203,750 456,250 1,406,375

ii) Any other employee who receives a grant in anyone year of option
- - -
amounting to 5% ormore of option granted during that year

iii) Identified employees who were granted option, during any year,
equal to or exceeding 1% of the issued capital (excluding outstanding - - - -
warrants and conversions) of the Company at the time of grant
2) Weighted average exercise price and weighted average fair values of
options shall be disclosed separately for options whose exercise price
either equals or exceeds or is less than the market price of the stock
on the grant date.
(i) weighted average exercise price (`) 60.45* 60.45* 60.45* 60.45*
(ii) weighted average fair value (`) 35.022 34.954 55.40 42.22
3) A description of the method and significant assumptions used during
the year to estimate the fair values Black Scholes Method Black
Scholes Method of options, including the following weighted average
information:
(i) risk-free interest rate 7.50% 8% 9% 9%
(ii) expected life, (in years, average) 4 4.5 5 5
(iii) expected volatility, (in months) 6 6 6 6
(iv) expected dividends, and 25% 25% 25% 25%
(v) The price of the underlying share in market at the time of option
410.35 459.40 630.15 476.20
grant. ` per share (on non-sub divided Ordinary Equity Shares)
* Applicable for all remaining options due to repricing as approved by the Shareholders.

iv) Details related to the Trust

(a) General information on all schemes
Sr No. Particulars Details
1) Name of the Trust Jain Irrigation Employee Welfare Trust
Details of the Trustee(s) IDBI Trusteeship Services Limited, Mumbai, Mr. Aaron
2)
Solomon, Solicitor Mrs. Snehal Walvalkar, FCA
Amount of loan disbursed by Company/ any Company in NIL
3)
the group, during the year
Amount of loan outstanding (repayable to Company / any NIL
4)
Company in the group) as at the end of the year
Amount of loan, if any, taken from any other source for NIL
5) which Company / any Company in the group has provided
any security or guarantee
6) Any other contribution made to the Trust during the year NIL

(b) Brief detail of transaction in shares by the Trust

1) Number of shares held at the beginning of the year - NIL
2) Number of shares acquired during the year through
i) Primary issuance - NIL
ii) Secondary acquisition - NIL
also as a percentage of paid up equity capital as at the end of the previous - NA
ƒPCPEKCN[GCTCNQPIYKVJKPHQTOCVKQPQPYGKIJVGFCXGTCIGEQUVQHCESWKUKVKQPRGTUJCTG 0#
3) Number of shares transferred to the employee / sold along with the purpose thereof - NIL
4) Number of shares held at the end of the year. - NIL

123
 Jain Irrigation Systems Ltd.
(c) In case of secondary acquisition of shares by the Trust. - NOT APPLICABLE
Number of Shares As a percentage of paid-up equity capital as at the end of the year immediately
preceding the year in which shareholders’ approval was obtained
Held at the beginning of the year
Acquired during the year
Sold during the year
Transferred to the employees
during the year
Held at the end of the year
13)Material Developments in Human
Resource
Increased popularity of positive attitude is seen
amongst the associates while addressing the workplace
challenges and in augmenting the organizational
performance. It can be considered as a sign of
resilience. The concept advocated by the Founder of the
Organization to incentivize the real performance is now
taking shape amongst the various associates across
the Company. It is being practiced amongst Supervisory
– Managerial cadre to deal with the challenges of the
business world. With regards to the skilled, unskilled
workforce, we advocate the flexi job outline making them
feel individually more comfortable at workplace. On the
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responsibilities and aspirations along-with that of the
other stake holders, as stipulated in paragraphs below:
Associate Engagement
Traditional approach of high performance with
innovative & flexible production systems involving
training and incentive schemes are in the process of
evolution. For operational workforce, the flexi job outline
encourages acquisition and exploration of multi-skills,
as well as reduction of stress level by adopting job
rotation. It is a kind of antidote for fatigue arising out of
monotonousness usually felt in a continuous process.
Our work culture emphasizes the balancing efforts for
achievement of goal and promotes trust, organizational
commitment and intrinsic enjoyment of the work.
Family Support / Medical Support
Medical support for Infertility, Eye healthcare, Knee
replacement is provided & other patients with chronic
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workplace were continued by inviting 766 families with
an aggregate 3,998 family members. The main objective
behind the family drive was recognition by family
members towards the demonstrated hard work of the
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of pride for all of them. Truly, it fosters the feeling of true
work culture ũ9QTMKU.KHGNKHGKUYQTMŪan exercise of
precise balancing.
Multi-purpose Hall facility with a capacity of 500 persons
has been made available in Jalgaon City for marriages
and other family functions of Associates and their
immediate family members at a nominal charge and 18
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124
NIL
NIL
NIL
NIL
NIL
Children’s Educational Development
Like every year, 123 children of associates between
standard 7th to 10th JCXG DGGP DGPGƒVGF VJTQWIJ
“Vidyarthi Utkarsh Abhiyan” with a focus on Academic
& Cultural Development of children. Similarly, overall
personality development residential camp for 10 days
was organized for students from 7th to 10th Standard
at Anubhuti International School for 106 children of
associates. “Educational Scholarship Scheme” was
declared for meritorious children of associates. During
year under review, 127 children of the associates were
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million. The disbursements were made on the basis of
submission of their claims.
Prevention of Sexual Harassment
The Company has already adopted and put in place a
policy on prevention, prohibition and redressal of sexual
harassment at workplace according to the provisions of the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and rules thereunder.
The Company stands committed on equal opportunities
for employment irrespective of the candidate’s race,
caste, sex, religion, colour and nationality, among others.
#NNVJGGORNQ[GGUCTGVTGCVGFKPFKIPKƒGFOCPPGTCPFVJG
Company maintains a work atmosphere free of sexual
harassment whether physical, verbal or psychological. A
programme was conducted during the year under review
by the Company to spread awareness about prevention of
sexual harassment.
Social Involvement
Emergency services such as Fire extinguishers,
Ambulance services in case of road accidents in and
around each manufacturing site across the Country have
been made available on demand. Special drives were
organized for Eye health checks & Cataract surgeries
in collaboration with Kantai Netralay for the resident of
adjacent villages at Jalgaon, Maharashtra.
Company has organized blood donation camps at
periodic intervals for the Blood banks in operating local
area. Record number of blood units were donated. These
2 programs were conducted twice in a year at various
locations such as Plastic Park, Agri Park at Jalgaon
(Maharashtra), Food park at Chittoor (Andhra Pradesh)
& Padra (Vadodara – Gujrat), Plastic Park at Hyderabad
(Telangana), Alwar (Rajasthan) & Udumalpet (Tamil Nadu)
the total number of units donated blood aggregated to
2,804. It is noteworthy to mention that 2 adjacent districts
Blood banks were invited at Jalgaon (Maharashtra) for
collection of donated units, during these 2 drives.
Similarly, felicitated Ettari (G. D. Nellore –Dist ) students securing highest marks in Math & Science group at SSC level.
We also organized yearly ceremonies at Chittoor in Andhra Pradesh and gave donations for Gangamma, Christmas
& Ganesh Festivals, Help for the old age home for Women, Local Spiritual institutions and social groups etc. Social,
cultural & sports events were organized, such as we sponsored an event with the help of Chittoor Olympic Association
to felicitate 1st Indian Female Wrestler and Olympic Bronze medallist Ms. Sakshi Malik during competition for Indian
National Championship (Male/Female) for Wrestling. Company also contributed to Development of Water Storage
facility at Dhobi Kuwa (Village) in Padra Taluka in Vadodara district. On the occasion of Independence Day and Republic
Day sweets were distributed in 2 local schools at Dhobikuwa & Timbipura in Padra Taluka (Vadodara – Gujarat).
Training
Training is a continuous process to sharpen the performance/skills of associates and it continues at all our locations of
the Company, all the time. The brief about location and program-wise training is as under:
Associates Training FY 2016-17
Location In House Training Orientation External Institute Total no of Total Man
Orientation participants Hours
No. of Duration No. of Duration No. of Duration
participants (Hours) participants (Hours) participants (Hours)
Jain Plastic Park 8,566 36,328 159 10,176 30 406 8,755 46,910
Jalgaon
Jain Green Energy 1,808 3,607 14 896 1 7 1,823 4,510
Park Jalgaon
Jain Tissue Culture 176 710 1 64 - - 177 774
Park Jalgaon
Jain Farm Fresh 348 1,413 3 192 6 126 357 1,731
Foods Ltd. Jalgaon
Jain Plastic Park 706 2,159 1 64 - - 707 2,223
Hyderabad
Jain Plastic Park 337 1,214 - - - - 337 1,214
Alwar
Jain Plastic Park 305 526 - - - - 305 526
Udumalpet
Jain Plastic Park 6 54 - - - - 6 54
Bhavnagar
JFFFL, Jalgaon 3,012 5,973 7 448 34 539 3,053 6,960
JFFFL, Chittoor-I & II 658 1,974 - - 4 56 662 2,030
JFFFL Vadodara 810 2,299 - - 1 14 811 2,313
Overseas Trg - - - - 19 2,128 19 2,128

Grand Total 16,732 56,257 185 11,840 95 3,276 17,012 71,373

Agricultural Engineers’ training 2016-17

Sr. Particulars No. of Duration No. of Duration Grand Total
No associates (Hours) Students (Hours) (Hours)
1 Engineer Training 147 30,496 209 43,424 73,920
2 Engineer Field Training (3 months) - - 129 39,728 39,728
Total 147 30,496 338 83,152 1,13,648

Exhaustive courses were organized for creating
the sense of responsibility to foster the feeling of
performance delivery. Apart from the local Orientation
programs, few associates of Managerial & Supervisory
cadre were nominated to external trainings, seminars
& workshops with the objective of core & multi skill set
development. Behavioural & soft skill programs along-
with technical courses nomination was done during this
year as a routine exercise. The total number of 2,974
Man-days involving training of 17,012 associates was
conducted during the year under review. The associates
were nominated from cross functions with the objective
of multi skill set development.
Workforce Strength & Recruitment
Recruitment is an on-going process throughout the
year in search of right people at right places which
also includes the campus selection for Engineering
Graduates and Post Graduates from IITs, Agricultural
Universities and Colleges from all over the country.
Sometimes, Walk in interviews also helped us to get
good people on short notice. The recruitment was
done on the basis of merit, potential, compatibility with
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empathy. The strength of the Company in terms of
man power has reached 8,135 on 31st March 2017, after
gross addition of 578 during F.Y. 2016-17.

125
 Jain Irrigation Systems Ltd.
14)Remuneration Policy
The Company has put in place the Remuneration Policy
for Executive Directors, Independent Directors, and
KMP’s pursuant to provision of Companies Act 2013, and
SEBI (Listing Obligations and Disclosure Requirements)
(;(;6JGGZVGTPCN
Regulations, 2015 and the same is annexed at http://
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#221+06/'06A#0&A4'/70'4#6+10A21.+%;RFH
15)Corporate Social Responsibility &
Sustainability Report
a) Corporate Social Responsibility
The Company has CSR Policy in place and it was
decided that the CSR activities would be conducted
under the aegis of the Company directly as well as
agencies including Bhavarlal and Kantabai Jain
Multipurpose Foundation (BKJMF) Trust, Jalgaon
and Gandhi Research Foundation (GRF), Jalgaon.
CSR report is attached as Annexure II.
i) Climate Change Disclosure:
We have implemented Greenhouse Gases (GHG)
Management System in all Indian manufacturing
units continuously since FY 2013-14. This system
follows international standard ISO 14064:2006 and
annually audited by independent third party. We
are accounting our complete Scope 1 and Scope 2
GHG emissions and removals and selective Scope
3 emissions under GHG management system. The
results of annual GHG inventory are published in
our sustainability reports JVVRYYYLCKPUEQO
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ii) Climate Change Mitigation Projects:
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Development Mechanism (CDM) of United Nations
Convention on Climate Change (UNFCCC). At the
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%&/ ECTDQP and adaptation of drip technology for new crops and
credits) and 3,620 Voluntary Carbon Credit. All our
registered CDM Projects have potential to generate
30,000 plus carbon credits per annum. Out of the
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power generation projects are registered under
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well.
iii) Water Stewardship in operations:
We started implementation of international standard
ISO 14046:2014 since last year. We continued our
work in this direction in all Indian manufacturing
units. Upon complete implementation the Water
management system following guidelines of ISO
14046 will enable each manufacturing unit to know
their gate to gate water foot print. This initiative is
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consumption and overall water footprint.
b) Sustainability Disclosures:
 5WUVCKPCDKNKV[4GRQTVKPI
We have been publishing sustainability report since
2009 with a biennial frequency. We have so far released
126
three sustainability reports. Since we switched
from GRI G.3.1 to G.4 guidelines and from limited to
reasonable level of assurance, we invested substantial
time to establish the reporting process as per changing
standards. Due to this switchover our latest report
EQXGTUVJTGGƒPCPEKCN[GCTU
assurance as per AA1000 AS is completed by external
party for our fourth sustainability report. However for
the next reporting periods we will continue with our
biennial reporting frequency.
All the above disclosures and projects are
comprehensively reported in our latest Sustainability
Report of 2013-16 which is available at our
company’s website JVVRYYYLCKPUEQO%QORCP[
UWUVCKPCDNGATGRQTVJVO
16) Directors retiring and their
background
All Independent Directors have given declaration that
they meet the criteria for independence as laid down
under Section 149 (6) of the Companies Act, 2013, and
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Shri Ajit B. Jain Joint Managing Director retires by
rotation as per the Companies Act, 2013, and being
eligible offers himself for reappointment, at the ensuing
Annual General Meeting. The brief background of retiring
director is as follows:
Shri Ajit B. Jain
Shri Ajit B. Jain is a Mechanical Engineer. As a Director,
he joined the organisation in 1998. He was designated
CU%JKGH1RGTCVKPI1HƒEGTQHVJG%QORCP[KP*G
has handled many responsibilities in the Company such
as Business Unit Head of Micro Irrigation Division, Solar
Pumping Division, Tissue Culture Division, as Head of
product development & new application, Micro Irrigation,
piping and Solar Pumping Systems, development
integration with major irrigation, leading integration of
acquired entities.
Work Experience of Shri Ajit B. Jain is as follows:
Year Particulars
1984 Joined Jain Plastics and Chemicals as a trainee in
production of Pipe Division
1985 Incharge of Pipe Division, Sendhwa, MP, India.
Established new production facilities.
1991 Incharge of Pipe Division of Tamil Nadu, India.
Established new production facilities.
1993 Director, Jain Plastics & Chemicals Ltd. Pipe and
Papain Division at Jalgaon, India
1998 Director, Jain Irrigation Systems Limited, India
2002 Chief Operating Officer, Jain Irrigation Systems
Limited
2004 Joint Managing Director, Jain Irrigation Systems
Limited, India
17)Internal Financial Controls (“IFC”)
The Board of Directors of the Company is responsible
for ensuring that Internal Financial Controls have been
laid down in the Company and that such controls are
adequate and operating effectively. The foundation
of Internal Financial Controls (‘IFC’) lies in the Code
of Conduct of the Company, policies and procedures
adopted by the Management, corporate strategies,
annual business planning process, management
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management framework.
a) Policies and processes adopted for orderly
& efficient conduct of business
The Company has formalized various policies at
Board level to ensure ethical, orderly, timely, flexible
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its divisions, namely Micro- sprinkler irrigation, PVC
& PE piping systems, Tissue Culture, Greenhouses,
bio fertilizers and green energy products, besides
processing of foods and vegetables through its
subsidiary JFFFL.
b) Safeguarding of assets
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mechanism for the safeguarding of its assets
whether tangible or intangible, assets and property
with self-control or third parties, funds or securities
and negotiable instruments, employee associates.
Besides providing for safety, housekeeping and
security of the assets. The Assets are adequately
insured against perils/happenings etc.
c) Prevention and detection of fraud and
errors
The Company has an internal audit department at
each of its manufacturing location, which conducts
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transaction, as well as reconciliation to accomplish
control and to ensure prevention of fraud, and is
aided by an “external” internal audit which reviews
not only manufacturing locations but also depots/
other processes like purchase, statutory compliance,
collection, foreign exchange, taxation, costing,
compliance, accounting etc. The Company’s
management information and accounting system
also integrates internal control mechanism.
d) Accuracy and completeness of accounting
records
The Company has in place fully integrated ERP system,
based on SAP software, and its subsidiary’s records
also get integrated while consolidating the same as
per requirements of Law for the time being in force.
ERP System encompasses authorization matrix and
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timely flow of information, and recording thus creating
appropriate and conductive platform for effective
control and decision making. The accounting system
has the provision for Audit trail and check mechanism
for use by various auditors.
e) Timely preparation of reliable financial
information
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within given timeliness and has a track record of
submitting information without any delay to relevant
authorities.
f) Monitoring and Reporting
The Company has put in place a mechanism to
monitor and report exceptions on compliance
requirements on an enterprise wide level. Company
has already implemented an IT platform to capture
non conformity and reporting to Chief Compliance
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responsible for the monitoring control and reporting
function. In case of non-compliance despite warnings
thrown up in the system, a gradual system of remedial
action, warning, punishment is laid down depending
on gravity and level of non-compliance and deterrent
is in place for non- compliance.
18) Corporate Governance Report
The Company constantly endeavours to follow the
corporate governance guidelines and best practices
sincerely and disclose the same transparently. The
Board is conscious of its inherent responsibility to
disclose timely and accurate information regarding the
Company’s operations, performance, material corporate
events as well as on the leadership and governance
matters relating to the Company.
The Board, at all times exercises its independence both,
in letter and in spirit and the Directors fully understand
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the best interest of the Company and will continue to do
so in the future. It is equally important to state that the
Company has a professional and competent leadership
team for the management of the business. The Board
guides, supports and compliments the Management
team towards achieving the set objectives to make the
enterprise more sustainable and valuable in the future.
A separate Corporate Governance Report is attached as
Annexure III, forming part of Director’s Report in terms
SEBI (Listing Obligations and Disclosure Requirements)
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EQPƒTOKPI EQORNKCPEG QH %QTRQTCVG )QXGTPCPEG
code and SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 is also attached
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19) Management Discussion and Analysis
Report (MDAR)
As per the requirements of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 a
separate Management Discussion & Analysis is given
elsewhere in the Annual Report at Annexure IV.
127
 Jain Irrigation Systems Ltd.
20)Particulars of Loans, Guarantees or
Investments by the Company
The details of Loans, Guarantees or Investments by the
Company during the year given at Annexure V.
21)Consolidated Financial Statements
Consolidated Financial Statements are prepared in
accordance with IND-AS, forms part of the Annual
Report. Pursuant to Section 129(3) of the Act, a
statement in Form AOC-1 containing the salient features
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KU CVVCEJGF VQ VJG (KPCPEKCN 5VCVGOGPVU 6JG ƒPCPEKCN
statements will also be kept open for inspection by
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In terms of requirement of the Companies Act, 2013
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ƒPCPEKCNUVCVGOGPVUCNQPIYKVJTGNGXCPVFQEWOGPVUCTG
available on the website of the Company.
22)Significant, Material orders passed
by the Regulators/ Court/ Tribunals
There are no material orders or judgments passed by
the Regulators/ Court/ Tribunals which would impact
the ‘going concern’ status of the Company or its future
prospects, subject to contingent Liabilities as mentioned
in the notes forming part of Financial Statements.
23)Director’s Responsibility Statement
In accordance with the provisions of Section 134(3) (c)
of the Companies Act, 2013, your Directors state that:
i) In the preparation of the annual accounts, the
applicable Accounting Standards have been followed
except, to the extent indicated in notes;
ii) The accounting policies are selected and applied
consistently and are reasonable; prudent judgments,
and estimates were made so as to give a true and fair
view of the state of affairs of the Company as at 31st
/CTEJCPFQHVJGRTQƒVQHVJG%QORCP[HQTVJG
year ended 31st March, 2017;
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maintenance of adequate accounting records in
accordance with the provisions of Companies Act,
2013, for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;
iv) The Directors have prepared the annual accounts for the
FY ending 31st March, 2017 on a ‘going concern basis’.
X6JG&KTGEVQTUJCXGNCKFFQYPKPVGTPCNƒPCPEKCNEQPVTQNU
to be followed by the Company and that such internal
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effectively.
24)Extract of Annual Return
Pursuant to Section 92 (3) of the Companies Act, 2013,
the details forming part of the extract of Annual Return
in form MGT – 9 is attached at Annexure VI.
128
25)Governance Disclosers
Policy for Performance Evaluation
In terms of Section 178 of Companies Act 2013 and
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, Board had already constituted
Nomination & Remuneration Committee (NRC) with
three Independent Directors and one Non-Independent
Director, an Independent Director being Chairman of the
Committee.
Board has evolved Company’s policy for appointment
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attributes, the details of which are laid out in Appointment
& Remuneration Policy at http://www.nseprimeir.
EQO\A,+5.,#.'35ƒNGU,+5.A#221+06/'06A#0&A
4'/70'4#6+10A21.+%;RFH
Board Evaluation
Pursuant to provisions of the Companies Act, 2013
and sub Regulation (3) and (4) of Regulation 25 of the
SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 a separate meeting of Independent
Directors was held to review the performance of
Chairperson, Executive Directors and the Board as a
whole on 16th October, 2016 at Mumbai.
The Nomination and Remuneration Committee had
already evolved the policy for performance evaluation of
Executive Directors, Independent Directors, Board Sub-
Committees and the Board as whole.
The criteria for performance evaluation of the Board
included, aspects like Board composition and structure;
effectiveness of Board processes, information and
functioning etc. The criteria for performance evaluation
of Committees of the Board included, aspects
like composition of Committees, effectiveness of
Committee meetings etc. The criteria for performance
evaluation of the individual Directors included, aspects
on contribution to the Board and Committee meetings,
like preparedness on the issues to be discussed,
meaningful and constructive contribution and inputs
in meetings etc. In addition the Chairperson was also
evaluated on the key aspects of his role. The Nomination
and Remuneration Committee and Board have amended
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SEBI (LODR), 2015 amended during the year.
26)Familiarization programme for
Independent Directors (ID’s)
The Company has arranged for visit of Directors to make
the IDs aware of their roles; rights and responsibilities
in the Company as well as the industry in which the
Company operates; business model of the Company, and
also their role in governance matters. All Directors are
aware about Company and are always updated through
site visits about new developments. Since all Independent
Directors are appointed for last 3 years no separate visits
for familiarization were organized this year.
27)Vigil Mechanism
The Company has adopted a Whistle Blower Policy to
provide a mechanism to all employees, to report their
concern about suspected fraud or violation of Company’s
ethics policy, code of conduct. The policy provides direct
access for employees to Chairman of Audit Committee
CPFKVKUCHƒTOGFVJCVPQRGTUQPPGNQHVJG%QORCPKGUJCU
been denied access to the Audit Committee. The policy
of vigil mechanism is available on the Company’s website
and web-link there to is http://www.nseprimeir.com/z_
,+5.,#.'35ƒNGU9*+56.'A$.19'4A21.+%;RFH
28)Directors Remuneration
The information / disclosures necessary under Schedule
V, Part II, provisions of Section II B (IV) of the Companies
Act 2013 are attached at Annexure VII to this report.
Also the information pursuant to Section 197 of
the Companies Act 2013, read with Rule 5 (1) of
the Companies (Appointment and Remuneration of
Managerial Person) Rules, 2014 are given in Annexure
VIII to this Report.
29)Contracts or arrangements with
related parties
The Contracts and Arrangements entered into during
the year with Related Parties were on arm’s length
basis, in compliance with the applicable provision of the
Companies Act, 2013 and SEBI (Listing Obligations and
Disclosure Requirements), Regulations, 2015.
 6JGTG CTG PQ ũOCVGTKCNN[ UKIPKƒECPVŪ 4GNCVGF 2CTV[
Transactions entered into by the Company with
Promoters, Directors, KMP’s which may have potential
conflict with the interest of the Company. All Related
Party Transactions are placed before the Audit
Committee, which Comprises of Mr. Ghanshyam
Dass, Mr. Vasant V. Warty, Smt. Radhika Pereira (being
the ID’s) of the Company for its approval. The Audit
Committee also reviews on quarterly basis all pre-
approved Related Party Transactions during the quarter.
The Company had adopted Related Party Policy. The
policy approved by the Board is available on Company’s
website and web-link there to is http://www.nseprimeir.
EQO\A,+5.,#.'35ƒNGU2QNKE[AQPA/CVGTKCNKV[ACPFA
&GCNKPIA YKVJA 4GNCVGFA 2CTV[A6TCPUCEVKQPURFH The
Company has transactions with subsidiaries in ordinary
course of the business for some of the export-import
related transactions for details please refer Annexure IX.
30)Environment Health and Safety
performance
The Company has implemented Quality, Environment,
Occupational Health and Safety Integrated Management
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+/5 YKVJ EGTVKƒECVKQPU CPF VJG UCOG KU including amendments to the same. The Company had
maintained with continual improvement at all locations
including Jalgaon, Vadodara, Chittoor, Hyderabad,
Udumalpet, Alwar and Bhavnagar plants. During FY
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revised standards ISO 9001:2015 & ISO 14001:2015 was
done for the Alwar, Bhavnagar and Hyderabad plants
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TUVNORD for the same.
Rain water harvesting is done from one more zone
in the factory open area, as well as from roof top in
buildings, and the same is used for recharging of wells
through suitable structures. Fire hydrant systems at
Plastic Park, Jalgaon and Hyderabad have been made
fully operational, covering entire plastics manufacturing
facilities. Fire hydrant system installation work has
started for the Jain Farm Fresh Food Limited facility at
Jain Valley; and it is expected to be operational during
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is installed to cover the entire administration building
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taken in the manufacturing facilities during the year
under review are given below:
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elimination of noise and dust generation.
Automatic PVC resin supply and weighing facility
completed for mixers helped in reduction of dust.
Spillage of chemical eliminated by liquid weighing
system PVC Sheet plant.
In Driptech plant platform provided for Conair material
feeder for safety during maintenance.
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puncture test for water saving in Driptech plant.
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design provided for better operator safety.
In PVC Pipe plant water softener designed and
installed and 20-30% water saving achieved.
Welding curtains provided as barrier between welding
operation and surrounding workplace and sensor
based alarm provided at robot welding operation
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Vacuum loaders installed on Injection moulding
Machines for automatic and safe raw material
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In socketing machine, guards equipped with proxy
limit switch for enhanced safety.
Awareness campaigns and trainings organized
during National Safety week, Fire Safety week
& World Environment Day. Plantation is done in
premises and roadside during rainy season and on
World Environment Day.
Water, Sanitation and Hygiene (WASH) program
initiated and implementation started during the year
under review.
31)Fixed Deposits
The Company has not accepted, nor renewed any
deposits from public, under the Companies Act, 2013
and Companies (Acceptance of Deposits) Rules, 2014,
no unclaimed / overdue deposits as on 31st March, 2017.
32)Auditors
a) Statutory Audit
The Auditors, M/s. Haribhakti and Co., LLP., Chartered
#EEQWPVCPVU /WODCK JCXG HWTPKUJGF C %GTVKƒECVG
129
 Jain Irrigation Systems Ltd.
under Section 139 of the Companies Act, 2013 that
their proposed re-appointment, for 3 years if made,
will be in accordance with the said provision of the
Companies Act, 2013. The Audit Committee and Board
have recommended that M/s. Haribhakti and Co., a
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as Statutory Auditors for a period of 3 years. The
Shareholders may reappoint the Statutory Auditors as
per AGM Notice sent separately. The Auditor’s Report
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remarks.
b) Cost Audit
Pursuant to the provision of the Section 128 of the
Companies Act, 2013, the Board has appointed M/s. D.
C. Dave & Co., Cost Accountants, Mumbai as the Cost
Auditors for FY 2017. The Shareholders may approve
the remuneration to be paid to them for FY 2016-17.
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prescribed time on 25th October, 2016.
c) Secretarial Audit
Pursuant to Section 204, of Companies Act, 2013 and
the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 the Company has
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Secretary in practice, to conduct Secretarial Audit of
the Company for Financial Year 2017. The report of the
Secretarial Audit is attached as Annexure X.
The Secretarial Audit report does not contain any
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33)Particulars of Employees
As per provisions of Section 134 of the Companies
Act, 2013 only four persons in employment of the
Company have drawn remuneration in excess of
` 850,000/- per month, during the year under review or
part thereof as per details in the Annexure XI to this
report.
34)Business Responsibility Report
The Securities and Exchange Board of India (ť5'$+Ŧ)
requires companies to prepare and present to
stakeholders a Business Responsibility Report (ť$44Ŧ) in
the prescribed format. SEBI, however, allows companies
to follow an internationally recognized framework
to report on the environmental and social initiatives
undertaken by the Company. The Business Responsibility
Report is included in the Annual Report elsewhere.
35)Particulars of Energy Conservation,
Technology Absorption, Research
and Development, Foreign Exchange
Earnings and Outgo.
A] Energy Conservation 2016-17
Plastic Park
Various measures have been undertaken to save
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UKIPKƒECPV GPGTI[ UCXKPI OGCUWTGU VCMGP KP VJG
plants are given below.
130
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process was under taken and few components were
installed which resulted in energy saving of about
12%.
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which is synchronised with the extrusion production
process resulted in energy saving of about 10%.
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sizing of the PVC sheets during the processing
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approach was implemented upto 30mm thick sheet
production process.
In Injection moulding plant, the performance of chiller
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reduction in energy consumption by 10%. VFD/ servo
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to reduce the energy consumption by about 20 %.
Insulation pads are provided to barrel heaters of
bigger size injection moulding machines to reduce
energy consumption by about 15% of the heating load.
Mercury vapour lamps and tube lights are replaced by
LED lamps to reduce energy consumption by about
45% of lighting load.
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compressor 1250L which resulted in reduction in the
energy consumption by about 20%.
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division, Pipe division and Sheet divisions together
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year.
Agri Park & Tissue Culture
In tissue culture, solar water heaters have been
installed to support electric boilers used for steam
sterilizer to reduce electric energy. In green house,
electric pumps have been replaced with solar pumps
to save electric energy. Solar panels to a power
production capacity of 132 KW has been installed
over the roof top of secondary hardening preparatory.
Energy Park
i) Regenerative Dynamometer test Systems is
introduced at BLDC motor production floor. This
system converts the mechanical energy of the
motor and connected load into electrical energy
which is returned to the AC power source. The
loading motor operates as a generator and the
regenerative energy is return back into the main
line power supply.
ii) Motor plant and Solar Photovoltaic Appliances
plant lights replaced from CFL to LED lights.
B] Technology Absorption
Energy Park
Solar Photovoltaic Module
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& Stringer machines (2 nos) of Auto line-1 from 3
busbar to 4 busbar solar cells last year, Automatic
Tabber and Stringer machines (2 nos.) of Auto line-
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 cells as per latest technology. Now both Auto lines
shifted to 4 busbar solar cells. The use of 4 bus bar
solar cells reduces resistance loss and improves
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Solar motor & pump
BLDC motor technology is successfully used for
solar water pumping systems. These motors can be
submersible as well as surface types. These motors
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and also have high reliability.
BLDC Surface Pump (0.5HP) design and
manufacturing techniques were absorbed and
introduced for production. This pump work with only
150W to 500W solar modules useful for drinking
water and agriculture irrigation for small land holding
farmers. Drawings and documentations are prepared
and available for production.
Regenerative Dynamometer is in use for testing of
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output power, temperature rise and related data,
during motor operation.
Fully automatic Potting machine is now operational
for water ingress protection (IP).
Laser welding process is introduced for welding
of low thickness sleeve and outer flanges instead
of normal tag welding process. Induction heating
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KPUVGCFQH*[FTCWNKERTGUUƒVVKPI
Laser marking introduced for printing technical
parameters on motor permanently.
C) Research and Development
Plastic Park
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 28
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VQENGCPVJGRNWIIGFUETGGPGHƒEKGPVN[5OCTV%NGCP
ƒNVGT JCU C TQVCVKPI UWEVKQP PQ\\NG YJKEJ UWEMU VJG
EQPVCOKPCVKQP CEEWOWNCVGF QP UETGGP QH VJG ƒNVGT
Smart Clean Filter is available in Hydraulic and Electric
models and in flow variants right from 25 cu.m/hr to
1200 cu.m/hr.
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During the year attempt was made to produce
36mm PVC free foam sheet based on customer’s
requirement. Recipe and processing conditions
was completely over hauled to achieve such a high
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After various experiments and testing of the product
made during the trial, recipe & processing conditions
could be established for producing 36mm thickness
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to the success of this product development was to
keep the foaming cell without getting collapsed as it
is challenging to maintain the foamed cells without
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in removing the heat from the core part of the high
thick sheets. Product made was sent to customers
in USA where the product is used to replace the wood
for building & construction application.
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Various components of micro irrigation systems
such as single metal clamp type QC couplers, plastic
flanges – threaded & non threaded, higher diameter –
140 & 160 mm PVC taile piece etc., were all developed
during the year and over 100 new components of Micro
Irrigation and mould components were developed and
commercialized. In house commercial production
process of grommets out of thermoplastic elastomer
was established and commenced production during
the year.
Agri Park & Tissue Culture
Commercial tissue culture protocol for micro-
propagation of Coffee has been developed. Plants
have been supplied to Coffee board for conducting
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DGWPFGTVCMGPCHVGTIGVVKPIƒGNFTGUWNVU0GYVTCKPKPI
system for mango intensive cultivation is under
experiment to improve productivity and reduced
pruning requirement. A new onion hybrid for early
Rabi season brought under commercial cultivation
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three Cytoplasmic Male Sterile (CMS) lines from three
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on genetics, molecular and biochemical aspects.
Company has been able to identify key genes regulating
flowering in banana, mango and pomegranate. These
studies will help Company to identify and breed better
varieties in future.
Energy Park
Solar Photovoltaic Module
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module with high power 320 Wp for roof-top power pack
systems. Use of High power PV modules in roof-top
power packs will reduce the overall system cost & will
require less floor area for installation.
Transparent PV module (Power: 250 Wp) for future
Greenhouse application has been designed & developed.
Solar motor & pumps:
$.&% UWDOGTUKDNG OQVQTU Very reliable canned type
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EQPƒTOKPI VQ 0'/# UVCPFCTF JCXG DGGP TGNGCUGF HQT
commercial production. These versatile motors are
suitable for several geographical conditions and can
be adapted to several pump ends as per the farmer’s
pumping heads. They can be installed in bore wells,
open wells, farm ponds and rivers. The motor has robust
mechanical design and the winding is completely sealed
in a special encapsulation material. The variants released
commercially are 5HP (3.7kW) with 4,800Wp Solar PV
array and 3HP (2.2kW) with 3,000Wp solar PV array.
Small size 1HP (0.75kW) canned BLDC submersible
motor with 900Wp Solar PV array is being developed for
drinking water solar pumping system. Its prototypes are
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131
 Jain Irrigation Systems Ltd.

Medium size 2HP (1.5kw) canned BLDC submersible motor with 1,800Wp Solar PV array is being developed for irrigation
water solar pumping system. Its prototypes are under development.
Development of pump ends and helical pumps for drinking water solar hand pumping systems are in prototyping stage.

Solar Photovoltaic Appliances

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compartment inside housing for ease of commissioning and servicing along with provision of an emergency switch for
isolation. Present Data logger has been upgraded to include SD card for data downloading.
LED tube lights are commercially released for Tissue culture project with different technical parameters such as
wavelength with various patterns for best plant growth and minimum Electric energy consumption.
Solar Pump controller and streetlight has passed all EMI/EMC (Electromagnetic interference/Electromagnetic
compliance) tests, which are prerequisites for CE mark.
MPPT Charge controller range enhanced from 10 amps to 15 amps along with Switch mode power supply (SMPS) which
is provided as a backup for solar.
 .'&DCUGF.WOKPCTKGUYKVJOQTGGPGTI[GHƒEKGPV.'& UYKVJJKIJGTKNNWOKPCVKQPKUFGXGNQRGF/QDKNGEJCTIGTHCEKNKV[JCU
been added in Lantern.

36) Foreign Exchange Earnings and Outgo

C.I.F. Value of Imports, Expenditure and Earnings of Foreign Currency (` in Million)
Sr. No. Particulars 2016-17 2015-16
a) C.I.F. Value of Imports
Raw Materials, Components and Stores and Spares 4,788.20 4,360.64
Capital Goods 135.16 78.32
Total 4,923.36 4,438.96
b) Expenditure in Foreign Currency
i) Interest and Finance Charges 693.02 590.21
ii) Discount/ Commission on Export Sales 18.02 57.84
iii) Export Selling/ Market Development 54.42 35.89
iv) Travelling Expenses 14.37 28.06
v) Law & Legal/ Professional Consultancy Expenses 43.71 41.09
vi) Testing Quality & other Charges 102.53 60.49
Total 926.07 813.58
c) Earnings in Foreign Currency
FOB Value of Exports 3,182.47 8,520.14
Total 3,182.47 8,520.14
5VCPFCNQPGƒPCPEKCNUHQT(;CTGPQVEQORCTCDNGCU(;FQGUPQVKPENWFG#ITQ2TQEGUUKPI&KXKUKQP

37) Acknowledgement
The Directors take this opportunity to place on record their appreciation for the whole hearted support received from all
stakeholders, customers and the various departments of Central and State Governments, Financial Institutions, Bankers,
the Dealers and Suppliers of the Company. The Directors wish to place on record their sense of appreciation for the
devoted services of all the associates of the Company.

For Jain Irrigation Systems Ltd.

Sd/- Sd/-
Anil B. Jain Ajit B. Jain
Vice Chairman and Managing Director Joint Managing Director

Date: 14th August 2017

Place : Mumbai

132
Annexure I
Form AOC-1

(Pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of
Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statements of subsidiaries/associates
companies/joint ventures.

Part “A”: Subsidiaries (Information in respect of each subsidiary to be presented with amounts in `)
Sr. Particulars Details (` in million) Details (` in million)
1) Name of the subsidiary Jain Farm Fresh Foods Limited Jain Processed Foods Trading
and Investments Private Ltd.
2) Reporting period for the subsidiary concerned,
1st April, 2016 to 1st April, 2016 to
if different from the holding company’s reporting
31st March, 2017 31st March, 2017
period
3) Reporting currency and Exchange rate as on the NA NA
last date of the relevant Financial year in the case
of foreign subsidiaries
4) Share capital 280.03 20.10
5) Reserves & surplus 9,499.82 (0.35)
6) Total Assets 18,029.02 32.21
7) Total Liabilities 8,249.17 12.47
8) Investments 929.33 20.05
9) Turnover 8,269.65 4.83
10) Profit before taxation 846.79 (0.41)
11) Provision for taxation 260.59 -
12) Profit after taxation 586.20 (0.41)
13) Proposed Dividend NIL NIL
14) % of shareholding 81.65 100.00

Sr. Particulars Details (in million)

1) Name of the subsidiary Jain International Trading B. V. JISL Overseas Limited
Reporting period for the subsidiary concerned, if different 01st April, 2016 to 01st April, 2016 to
2)
from the holding company’s reporting period 31st March, 2017 31st March, 2017
3) Reporting period for the subsidiary concerned, if different
from the holding company’s reporting period
Average Rate US$ 67.0720 67.0720
Closing Rate US$ 64.8386 64.8386
4) Share capital US$ 3.14 62.31
INR 203.48 4,039.83
5) Reserves & surplus US$ (3.03) (3.57)
INR (196.34) (231.38)
6) Total Assets US$ 202.58 64.01
INR 13,135.19 4,150.11
7) Total Liabilities US$ 202.47 5.27
INR 13,128.05 341.67
8) Investments US$ 56.19 63.96
INR 3,643.08 4,146.84

133
 Jain Irrigation Systems Ltd.

Sr. Particulars Details (in million)

9) Turnover US$ 3.78 0.48
INR 253.57 31.90
10) Profit before taxation US$ (1.28) 0.15
INR (85.71) 10.34
11) Provision for taxation US$ - -
INR - -
12) Profit after taxation US$ (1.28) 0.15
INR (85.71) 10.34
13) Proposed Dividend US$ - -
INR - -
14) % of shareholding 100.00 100.00

Notes: The following information shall be furnished at the end of the statement:

1) Names of subsidiaries which are yet to commence operations : None

2) Names of subsidiaries which have been liquidated or sold during the year : None
Closing rate is applied for Balance Sheet items.
 #XGTCIGTCVGKUCRRNKGFHQT2TQƒVCPF.QUUKVGOU
Share Capital also includes Preference Share Capital.

Part “B”: Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures

Amount in ` million (except number of shares)

1) Name of associates/Joint Ventures Sustainable Agro- Commercial Finance Limited
2) Latest audited Balance Sheet Date 31st March, 2017 31st March, 2016
Number of Shares of Associate/Joint Ventures held by the
3) 58800000 58,800,000
company on the year end
4) Amount of Investment in Associates/Joint Venture 588.01 588.01
5) Extend of Holding % 49.00 49.00
Company holds 49% and has nominated 2 Directors on
6) Description of how there is significant influence
Board of Associate Company
7) Reason why the associate/joint venture is not consolidated Below 50.1% holding
Net worth attributable to shareholding as per latest audited
8) 737.2 707.3
Balance Sheet
9) Profit/Loss for the year 61.0 63.4
10) Consolidated NA NA
11) Standalone 61.0 63.4

134
Annexure II
Corporate Social Responsibility Report

Foundation of Corporate Social year major work carried out for rural development
Responsibility included, drainage deepening and widening to enable
groundwater recharge in nearby villages and semi-urban
Corporate social responsibility is fundamental to our
locations. In addition GRF has completed social survey
values and integral to our business approach. Our Founder
in surrounding locations of our headquarters in Jalgaon,
Chairman Dr. Bhavarlal Jain set us a mission four decades
whereas, we plan to provide clean drinking water to 45
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villages. GRF also continued work on improvement of
reflects in all our endeavours as we grow as an organization
village sanitation and watershed development during FY
and progress as a business. The more we realize this, more
9CVGTUCPKVCVKQPCPFJ[IKGPGYQTMYCUECTTKGFQWV
determined we become to evolve a creative partnership
under ‘Community Toilet Project’, ‘100% village sanitation
between the corporate growth process and its impact
project’ and ‘people initiative for rural development
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VJTQWIJ,QKPV.KCDKNKV[)TQWRU
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society for our existence, survival, and continued success.
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Therefore, we always search for innovative ways and means
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of creating a bridge between the organization’s objectives
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and social priorities. This process has enlightened us with
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grassroots realities.
We are also planning to launch our ambitious “Ba-
In light of the requirements of Section 135 of the Companies
$CRW Ū RTQLGEV 6KVNG ũ$C$CRW Ū JKIJNKIJVU  VJG
Act 2013, the Company had formed a three-member CSR
importance of Kasturba in Gandhiji’s life and the 150th
Committee in 2014-15. This committee is chaired by Group
birth anniversary of Mahatma Gandhi (i.e. 2nd October
Chairman, Mr. Ashok B. Jain, with Mr. D. R. Mehta and
2019). This project will cover about 150 villages for their
Ms. Radhika Pereira being the other two members
holistic development in different states of the country.
(Independent Directors). The CSR Committee formulated
a comprehensive policy on Company’s CSR programs and b) Ensuring Environmental Sustainability:
RTQLGEVUYJKEJYCUUWDUGSWGPVN[CRRTQXGFKPƒTUVOGGVKPIQH Ensuring environmental sustainability through natural
the Committee on August 11, 2014. This year the Committee resource conservation and environmental protection
had a meeting on May 31, 2016 to review the progress of is congruent with our business as well as our CSR
%54 RTQLGEVU FWTKPI ƒPCPEKCN [GCT  GZKUVKPI %54 goals. We seek opportunities to invest our efforts
Policy and to demonstrate the CSR projects for subsequent and capital to ingrain the concepts of environmental
ƒPCPEKCN[GCT sustainability amongst the farming community and
the neighbourhood. Being the pioneers of sustainable
The Committee also agreed to continue the CSR activities
agriculture, all our business actions have been carried
on its own and through the two foundations of the Company,
out while safeguarding our environment and biodiversity.
namely Bhavarlal and Kantabai Jain Multipurpose
One of the major projects added under this program
Foundation (BKJMF) a Registered, Jalgaon (Trust) and
during reporting period is Theme Park in Jalgaon (also
Gandhi Research Foundation (GRF), Jalgaon (Section-8
MPQYP CU ũ$JCWPEJG 7F[CPŪ 6JG RTQLGEVU YJKEJ
Company).
were continued from previous year include Future
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(#.+CPFRCTVKEKRCVKQPKP
18 as approved by the CSR Committee: afforestation activities.

a) Rural Development and Watershed In addition, we also continued creating awareness

Management: amongst the citizens and school children about the
Rural development is one of our prime CSR focuses, as importance of biodiversity and its conservation.
enshrined in our Articles of Association. We undertake
c) Promoting Education:
need-based interventions as well as activities with
We believe education is the birth right of every individual
prospective plans. The thrust of our rural development
and hence, we extend our conviction by making it
projects encompasses total sanitation, promotion of
one of the focus areas of our CSR efforts. Our major
preventive healthcare, and making safe drinking water
expenditure in this segment is towards the Anubhuti
available to the local people. In last couple of years,
English Medium School, which provides free education
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to the underprivileged children of society at large. We
villages as a well-planned CSR activity. During current
make efforts to select needy students, i.e. children

135
 Jain Irrigation Systems Ltd.
who have lost their parents or children whose parents
ƒPF KV FKHƒEWNV VQ GCTP C NKXKPI 9G RC[ UGXGTCN XKUKVU VQ
their households and select the deprived children after
a rigorous process of interviews. It is a free primary day
UEJQQN
CHƒNKCVGF VQ VJG +%5' %QWPEKN YJKEJ KPVGITCVGU table tennis, badminton, swimming, cricket, trekking,
education with various activities to stimulate the student’s
imagination and encourages exploration through
observation thereby leading to all-round development.
The curriculum comprises of sports, arts, craft, dance,
music and excursions. This year we also contributed to
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in Jalgaon.
d) Promoting Sports:
We understand that sports and sportsmanship have
the power to nurture our children and contribute to their
holistic development. We promote both the nationally
recognised sports and Olympic sports; these include a
range of indoor and outdoor games. Jain Sports Academy,
Sr. CSR activities carried out
1 Rural Development
a) Direct support to watershed development activities-
de-silting of local lakes, cleaning of Nalah and small
tributaries
b) Direct Support to Rural drinking water project
2 Conservation of natural resources, quality of soil,
air, water, etc.
a) Direct Support to Afforestation Activities during
world environment day and 'Van Mohtsava'
Campaign of Maharashtra Government
b) Direct Support to Future Agriculture Leaders of
India (FALI) Program
c) Direct Contribution to Theme Park (Bhaunche
Udyan) Project
3 Promoting Education
Direct Support to Anubhuti English Medium School
and Construction of Library at Prakash Vidyalaya,
Waghoda
4 Promoting Sports
a) Direct Support by Jain Irrigation to Jain Sports
Acacemy for Sports Material, Tournament Fees etc.
b) Direct Support by Jain Irrigation to Jain Sports
Academy for expenditures of Coaches
Total CSR Expenditures for FY 2016-17
Sd/-
Mr. Ashok B. Jain
Chairman
(Chairman CSR Committee)
&CVG/C[
Place: Jalgaon
136
which functions under the BKJMF trust, is responsible
for coordinating and handling all activities related to
sports. The Academy also conducts competitions in
most traditional Indian games like kho kho, volleyball,
cycle racing, skating, marathon, carom, basketball and
football, among others. Most of our spending goes
towards sports material and infrastructure, coaching
fees and payment made to budding sportsmen and their
coaches.
Besides this, there are many other CSR activities
undertaken by the BKJMF and GRF independently
throughout the calendar year. Currently, most of our
activities are concentrated in and around Jalgaon, but
we look forward to expand our endeavours to other
locations, such as Alwar, Baroda, Bhavnagar, Chittoor,
*[FGTCDCF -WTPQQN 7FWOCNRGVJ WPFGT VJG PGY TWTCN
development project.
Linkage to Schedule VII of
Expenditure (INR)
Companies Act 2013
919,422
Rural Development Projects 735,538
Promoting preventive health care and 183,884
sanitation and making available safe
drinking water
6,035,803
Ensuring environmental sustainability, 90,540
ecological balance, protection of flora
and fauna, animal welfare, agroforestry,
conservation of natural resources and 2,623,611
maintaining quality of soil, air and water
3,321,652
1,749,074
Promoting education, including special 1,749,074
education and employment enhancing
vocation skills especially among children,
women, elderly, and the differently abled
and livelihood enhancement projects
1,599,095
Training to promote rural sports, nationally 639,638
recognised sports, Paralympic sports and
Olympic sports 959,457
10,303,394
Sd/-
Mr. Devendra Raj Mehta
Non-Executive Independent Director
(Member CSR Committee)
Annexure III
Corporate Governance Report

1) Corporate Governance Each of the tier operates within the given parameters
as per prevailing laws and regulations or the practices
Corporate governance is the application of best management prevalent in the industry.
practices, compliance of laws, rules, regulations and
adherence to standards to achieve the objects of Jain 2) Board of Directors
Irrigation Systems Limited (“the Company”), enhance a) Board Composition
stakeholder value and discharge social responsibility. The
The Board of Directors of the Company comprises of
Corporate Governance Structure in the Company assigns Executive and Non-Executive Directors. The Founder
responsibility and authority to the Board of Directors, its QH VJG FKXGTUKƒGF %QORCP[ ,CNICQP 2CFOC 5JTK
committees and the executive management and senior Dr. Bhavarlal H. Jain, passed away on 25.02.2016.
management employees, among others. The Company Dr. Bhavarlal Jain was the Non-Executive Chairman
has to follow the Companies Act, 2013 (“the Act”) and as of the Company Shri Ashok B. Jain Vice- Chairman of
stipulated in Regulations 17 to 27 and Clauses (b) to (i) of the Company appointed as Chairman of the Board
regulation 46 (2) and paragraphs C, D and E of Schedule V of of Directors and the Company with effect from 27th
the SEBI (Listing Obligations and Disclosure Requirements) February, 2016.
Regulations, 2015 (“Regulations”). and in some cases Since Shri. Ashok B. Jain is Executive Chairman, the
stricter of the two. Hence Governance has become more of strength of Independent Directors is mandated at half of
a challenge and compliances of laws/regulations make it the strength of the Board. The Board has 5 independent
further daunting task. members in the total strength of 10 Members. The
Executive Directors are 5 in view of the diverse nature
Company’s Philosophy on code of Corporate of business of the Company. The Independent Directors
Governance CTGRTQHGUUKQPCNUKPVJGKTƒGNFCPFRQUUGUUDCEMITQWPF
The Company acknowledges its responsibilities to its QH ƒPCPEKCN NGICN CPF CITKEWNVWTG ƒGNFU  +PFGRGPFGPV
stakeholders. The Company believes that the corporate Directors out of the 5 Directors are with the Company
governance helps to achieve commitment and goals to Board for less than 10 years at present. At present in
enhance stakeholder value by giving equal attention to all terms of the Articles of Association the strength of the
Board shall not be less than 3 and not more than 14.
stakeholders. The Company’s core values are based on
integrity, emphasis on product quality and transparency The composition of the Board and category of Directors
are as follows:
in its dealings with all stakeholders. Any good corporate
governance provides an appropriate framework for the Name of Director Category
Board, its committees and the executive management Shri. Ashok Bhavarlal Jain Promoter Director- Executive
to carry out the objectives that are in the interest of the Shri. Anil Bhavarlal Jain Promoter Director- Executive
Company and the stakeholders. The Company maintains Shri. Ajit Bhavarlal Jain Promoter Director- Executive
highest levels of transparency, accountability and good Shri. Atul Bhavarlal Jain Promoter Director- Executive
management practices, through the adoption and Non-Promoter Director
monitoring of corporate strategies, goals and procedures Shri. R. Swaminathan
Executive
to comply with its legal and ethical responsibilities. The Non-Promoter –
Shri. Devendra Raj Mehta
Company is committed to meeting the aspirations of all Independent Director
its stakeholders. The satisfaction of associates is reflected Shri. Ghanshyam Dass
Non-Promoter –
in the stability at all the levels of management. The Independent Director
Company is in compliance with the requirements of the Non-Promoter –
Shri. Vasant V. Warty
Independent Director
revised guidelines on corporate governance stipulated in
Non-Promoter –
the Regulations. A code of conduct is framed and adopted Smt. Radhika C. Pereira
Independent Director
in and the pursuit of excellence at corporate governance. Non-Promoter –
Various policies adopted by Board are also adhered to Dr. H. P. Singh
Independent Director
strictly at all times.
Shri. Ashok B. Jain, Shri. Anil B. Jain, Shri. Ajit B. Jain and
The Company has three tiers of the governance pyramid: Shri. Atul B. Jain are brothers.
Shareholders - Board of Directors None of the other directors are related to any other
Committees of the Board director on the Board.
Executive Management The following is the composition of the Board on 31st
March, 2017:

137
 Jain Irrigation Systems Ltd.
As on Executive NonExecutive Total
Directors Directors Strength
31st March, 2017 5 5 10
At present 5 5 10
b) Meetings of Independent Directors
The Independent Directors of the Company have
met once on October 16, 2016 without the presence
of Executive Directors or management personnel.
Such meeting was conducted informally to enable
Independent Directors to discuss matters pertaining
to the Company’s affairs and put forth their views to
the chairman of the meeting. The chairman of the
meeting takes appropriate steps to present Independent
Directors’ views to the Chairman and Managing Director
of the Company.
c) Code of Conduct
The Company has in place a comprehensive Code of
Conduct (the Code). A copy of the Code has been put on
the Company’s website (www.jains.com). The Code has
DGGPEKTEWNCVGFVQ&KTGEVQTUCPF/CPCIGOGPV2GTUQPPGN
CPFKVUEQORNKCPEGKUCHƒTOGFD[VJGOCPPWCNN[
d) Scheduling and selection of agenda items for
Board meetings
A minimum four of pre-scheduled Board meetings are
held annually. Additional Board meetings depend on
importance of matters. Additional Board Meetings
convened by giving at least 7 days notice to address
VJG%QORCP[ŦUURGEKƒEFGEKUKQPPGGFU4GUQNWVKQPUCTG
passed by circulation in case of eligible business due to
urgency of matters. The meetings are usually held at the
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The Board is given presentations covering Finance,
2GTHQTOCPEG4GXKGYQHXCTKQWU5GIOGPVUQH$WUKPGUU
and their operations, overview of business operations
of major subsidiary companies before taking on record
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statements.
The items / matters required to be placed before the
Board, inter alia, include:
Appointment of Chairman, if the Chairman of the
Company is not present at the Board meeting.
Grant leave of absence, if any.
 4GXKGY CPF EQPƒTO VJG OKPWVGU QH RTGXKQWU $QCTF
meeting and Committee decisions.
Brief on statutory developments, changes in
government policies, among others with impact
thereof, Directors’ responsibilities arising out of any
such developments.
Quarterly/annual divisional performance vis a vis
VJG$WFIGVHQTVJGƒPCPEKCNSWCTVGT[GCTCFQRVGFD[
Board and reasons and details for variations, if any.
Annual operating plans of businesses and budgets
including capital budgets and any updates.
Quarterly results of the Company and review
performance of various Segments of Business.
Company’s Annual Financial Results, Financial
Statements, Auditors’ Report and Board’s Report
Show cause, demand, prosecution notices and
penalty notices, which are materially important.
138
 #P[OCVGTKCNFGHCWNVKPƒPCPEKCNQDNKICVKQPUVQCPFD[
the Company, or substantial non-payment for goods
sold by the Company.
Non-compliance of any regulatory, statutory or listing
requirements, and shareholders’ services.
Appointment, remuneration and resignation of
Directors.
Formation/reconstitution of Board Committees.
Terms of reference of Board Committees, important
Transactions by Board of unlisted subsidiary
companies.
Declaration of Independent Directors at the time of
appointment/annually.
Disclosure of Directors’ interest and their
shareholding.
Appointment or removal of the Key Managerial
2GTUQPPGN
Appointment of Internal Auditors, Cost Auditor,
Statutory Auditors and Secretarial Auditors (Audit
Committee)
Quarterly / Annual Secretarial Audit reports submitted
by Secretarial Auditors recommended by Audit
Committee.
Dividend declaration.
Quarterly summary of all long-term borrowings made,
bank guarantees issued and loans and investments
made.
 5KIPKƒECPV EJCPIGU KP CEEQWPVKPI RQNKEKGU CPF
internal controls.
Takeover of a company or acquisition of a controlling
or substantial stake in another company.
 5VCVGOGPV QH UKIPKƒECPV VTCPUCEVKQPU TGNCVGF RCTV[
transactions and arrangements entered by unlisted
subsidiary companies.
Issue of securities or fund raised generally.
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remuneration of the Auditors as recommended by
the Audit Committee.
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(through the Audit Committee).
 2TQRQUCNU HQT OCLQT KPXGUVOGPVU OGTIGTU
amalgamations and reconstructions.
Status of business risk exposures, its management
and related action plans.
Making of loans and investment of surplus funds.
Borrowing of monies, giving guarantees or providing
security in respect of loans (Through Operations
Review Committee within Budget limits approved
annually).
 5KIPKƒECPVYTKVGQHHŦUFKURQUCNUQTKPEKFGPVUQHHTCWF
theft etc.
Convene general meetings of shareholders.
 6CMKPI QP TGEQTF EQORNKCPEGU EGTVKƒECVGU CPF
minutes of Committees appointed by Board.
The Chairman, Vice Chairman & Managing Director
and Company Secretary in consultation with other
concerned members of the senior management,
ƒPCNKUGVJGCIGPFCHQT$QCTF%QOOKVVGGOGGVKPIU
e) Board material distributed in advance
The agenda notes are circulated to Directors seven days in advance. The agenda papers are serially numbered with
Index of contents. The documents which are not practicable to attach to the agenda are circulated at meeting. In special
and exceptional circumstances, additional items on the agenda are permitted by the Chairman.
f) Recording minutes of proceedings at Board and Committee meetings
The Company Secretary records minutes of proceedings of each Board and Committee meeting. Draft minutes are
EKTEWNCVGFVQ$QCTF$QCTF%QOOKVVGGOGODGTUHQTVJGKTEQOOGPVUYKVJKPƒHVGGPFC[U6JGOKPWVGUCTGƒPCNKUGFCPF
entered in the Minutes Book within thirty days from the conclusion of the meeting.
g) Post meeting follow-up mechanism
The guidelines for Board and Board Committee meetings facilitate an effective post meeting follow-up, review and reporting
process for decisions taken by the Board and Board Committees thereof. Important decisions taken at Board/Board Committee
meetings are communicated promptly to the concerned departments/divisions. Action-taken report on decisions/minutes of
the previous meeting(s) is placed at the succeeding meeting of the Board/Board Committee for noting.
h) Compliance
The Company Secretary, while preparing the agenda, notes on agenda and minutes of the meeting, is responsible for
and is required to ensure adherence to all applicable laws and regulations, including the Act, read with rules issued
thereunder, as applicable and the Secretarial Standards recommended by the Institute of Company Secretaries of India
or MCA circulars etc.
i) The table below gives the composition of Jain Irrigation’s Board and the number of other
Directorships and Committee Memberships as on 31st March, 2017.
Sr. Name of Directors Other Director- Other Directorship Membership in Com- Membership in
No. ship in Ltd. Co. in Pvt. Ltd. Co. mittees of Companies Committees at
(other than JISL) JISL
1) Shri. Ashok B. Jain 5 9 Nil 3
2) Shri. Anil B. Jain 25* 6 Nil 1
3) Shri. Ajit B. Jain 7* 7 Nil 2
4) Shri. Atul B. Jain 14* 10 Nil 2
5) Shri. D. R. Mehta 5 1 Nil 1
6) Shri. R. Swaminathan 2* Nil Nil 1
7) Shri. Ghanshyam Dass 6 5 Nil 2
8) Mrs. Radhika Pereira 3 1 Nil 5
9) Shri. V. V. Warty Nil Nil Nil 3
10) Dr. H. P. Singh Nil Nil Nil 1
* Including foreign Subsidiary Companies in group.

j) Meetings of Board and its Committees

Meetings of Board and its Committees are held as and when required. The meetings of the Board and Audit Committee
normally last for a day and in some cases are held over two days. The Board of Directors met seven times and AGM was
held on 30th September, 2016 during the year.
Date of Board Meetings
Sr. No. Date
1) 30th May, 2016
2) 12th August, 2016
3) 28th August, 2016
4) 30th September, 2016
5) 10th November, 2016
6) 14th January, 2017
7) 14th February, 2017
The attendance details are as follows
Sr. No. Name of Directors Designation Category BOD AGM
1) Shri. Ashok B. Jain Chairman Promoter Director 7 Yes
2) Shri. Anil B. Jain Vice Chairman & Managing Director Promoter Director 7 Yes
3) Shri. Ajit B. Jain Joint Managing Director Promoter Director 6* Yes
4) Shri. Atul B. Jain Joint Managing Director Promoter Director 6* Yes
5) Shri. D. R. Mehta Director Independent Director 6 No
6) Shri. R. Swaminathan Executive Director Executive Director 5* Yes
7) Shri. Ghanshyam Dass Director Independent Director 7 Yes

139
 Jain Irrigation Systems Ltd.

Sr. No. Name of Directors Designation Category BOD AGM

8) Mrs. Radhika Pereira Director
9) Shri. V. V. Warty Director
10) Dr. H. P. Singh Director
*being abroad on Company’s business ** not present due to pre occupation
k) Disclosure for retiring Director
Sr. Name, Experience and Expertise in specific
No. Designation and functional areas
Qualification
1) Shri. Ajit B. Jain 1998 Director – Jain Irrigation Systems Ltd
Joint Managing 2002 Chief Operating Officer – Jain Irriga-
Director tion Systems Limited, India
BE.(Mechanical)
Since 2004 Jt. Managing Director, Jain
Irrigation Systems Ltd., Jalgaon, India.
Business Unit Head of Micro Irrigation
Division, Solar Pumping Division, Tissue
Culture Division.
Head of product development & new
application
Micro Irrigation, piping and Solar Pumping
Systems.
Development and Adaptation of drip
technology for new crops and integration
with major Irrigation.
Leading integration of acquired entities.
Joined in 1984 and started his training in
production and maintenance in the pipe
division. During the period from 1985-1990,
he was in charge of establishing our new
pipe production plant at Sendhwa (in the
state of Madhya Pradesh in India). In 1991
he was appointed Director with the overall
responsibility of the pipe manufacturing
plant at Jalgaon, including production,
maintenance and marketing.
Independent Director 4** No
Independent Director 6 Yes
Independent Director 7 Yes
Other Company Directorships, Committee
Memberships, Trustee, Proprietor, Partner
etc.
Director – Jain Irrigation Systems Ltd
i) Cosmos Investment & Trading Pvt. Ltd.
ii) JAF Products Pvt. Ltd.
iii) Jain Brothers Industries Pvt. Ltd.
iv) Jain Extrusion & Moulding Pvt. Ltd.
v) Jain Rotfil Heaters Pvt. Ltd.
vi) Jain Vanguard Polybutylene Ltd.
vii) Jalgaon Investments Pvt. Ltd.
viii) Jain Overseas Investments Ltd.
ix) Jain Investment & Finance BV
x) Ex-cel Plastics Ltd
xi) Jain Sulama Sistemleri Sanayive Ticaret A.S.
Proprietor:
i) Plastic Enterprises
Partner:
i) Jalgaon Metal & Bricks Manufacturing Co.
Trustee:
i) Anubhuti Scholarship Foundation
ii) Jain Family Holding Trust
iii) Jain Family Investment Trust
iv)Jain Family Enterprises Trust
v) Jain Family Investment Management Trust
vi) Jain Family Trust
Committee Membership:
Member –
i) Stakeholders Relationship Committee
ii) Operations Review Committee

3) Audit Committee
i) The Audit Committee meetings are generally conducted just before the Board Meeting. The Audit
Committee has the following powers
To investigate any activity within its terms of reference
To seek information from any employee
To obtain outside legal or other professional advice
To secure attendance of outsiders with relevant expertise, if it considers necessary
Role of the Audit Committee
C 1XGTUKIJVQHVJG%QORCP[ŦUƒPCPEKCNTGRQTVKPIRTQEGUUCPFVJGFKUENQUWTGQHKVUƒPCPEKCNKPHQTOCVKQPVQGPUWTGVJCV
VJGƒPCPEKCNUVCVGOGPVKUEQTTGEVCPFETGFKDNG
b) Recommending to the Board, the appointment, re-appointment and, if required, the replacement or removal of the
UVCVWVQT[CWFKVQTKPVGTPCNCWFKVQT%QUV#WFKVQTUCPFVJGƒZCVKQPQHCWFKVHGGU
E 4GXKGY+PVGTPCN#WFKV4GRQTVUCPFFKUEWUUKQPYKVJKPVGTPCNCWFKVQTUTGICTFKPICP[UKIPKƒECPVƒPFKPIUCPFHQNNQYWR
there on.
F 4GXKGYKPIYKVJVJGOCPCIGOGPVVJGCPPWCNƒPCPEKCNUVCVGOGPVUDGHQTGUWDOKUUKQPVQVJG$QCTFHQTCRRTQXCNYKVJ
particular reference to:
i) Change, if any, in accounting policies and practices and reasons for the same.

140
 ii) Compliance with listing and other legal requirement t) To Review status of business risk exposures, its
TGNCVKPIVQƒPCPEKCNUVCVGOGPVU management and related action plans
KKK3WCNKƒECVKQPUKPVJGFTCHVCWFKVTGRQTV ii) Composition of Audit Committee:
iv) Disclosure of any related party transactions. The Committee’s composition meets with requirements
of Section 177 of the Act, and Regulations 18 of the
v) Statutory liabilities (Direct/indirect taxes) of the SEBI (Listing Obligations and Disclosure Requirements),
Company. Regulations, 2015. Members of the Audit Committee
e) Financial reporting to all Stakeholders: The RQUUGUUƒPCPEKCNCEEQWPVKPIGZRGTVKUGGZRQUWTG
/CPCIGOGPV KU TGURQPUKDNG HQT ƒPCPEKCN TGRQTVKPI The following are the members of the Audit Committee,
and internal control in the Company. The Statutory as on 31st March 2017:
Auditors are responsible for performing audit of the
Sr. No. Name of Director Designation
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the generally accepted audit practices and issue a) Shri. Ghanshyam Dass Chairman
reports based on such audits. The Audit Committee b) Shri. V. V. Warty Member
KU TGURQPUKDNG HQT UWRGTXKUKPI VJG ƒPCPEKCN TGRQTVU c) Mrs. Radhika Pereira Member
Statutory Audit and Internal Audit to ensure accurate
and appropriate disclosures that maintain and Shri. Anil B Jain, Vice Chairman & Managing Director is
GPJCPEGSWCNKV[QHƒPCPEKCNTGRQTVKPI permanent invitee and the Company Secretary is the
secretary and convener of the Committee.
f) Matters required to be included in the Directors’
The statutory auditors were present in four Audit
Responsibility Statement to be included in the
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Board’s Report in terms of clause (c) of sub-section
meetings held during the FY 2016-17. Audit Committee
3 of Section 134 of the Companies Act, 2013.
OGGVKPIJGNFQPth September, 2016 for considering
g) Compliance with listing and other legal requirements remuneration of Executive Directors was not attended
TGNCVKPIVQƒPCPEKCNUVCVGOGPVU by auditors.
h) Reviewing and monitoring the auditors independence iii) Audit Committee meetings and attendance
and performance, and effectiveness of audit Date of Audit Committee Meetings
RTQEGUU#RRTQXCNQTCP[UWDUGSWGPVOQFKƒECVKQPQH
transactions of the Company with related parties Sr. No Date
1) 30th May, 2016
i) Scrutiny of inter-corporate loans and investments
Valuation of undertakings or assets of the Company, 2) 12th August, 2016
wherever it is necessary 3) 29th September, 2016
4) 10th November, 2016
L 'XCNWCVKQP QH KPVGTPCN ƒPCPEKCN EQPVTQNU CPF TKUM
management systems 5) 14th February, 2017
 2TGUGPEGCV#WFKV%QOOKVVGG/GGVKPIU
k) The Management Discussion and Analysis of
ƒPCPEKCNEQPFKVKQPCPFTGUWNVUQHQRGTCVKQPU Name of Desig- Cate- Total Meetings
l) Formulating the scope, functioning, periodicity Directors nation gory meet- Attended
and methodology for conducting the internal audit, ings
reviewing the adequacy of internal audit function, if Shri. Ghan- Chair- Inde- 5 5
any, reporting structure coverage and frequency of shyam Dass man pendent
internal audit, discussion with internal auditors of any Director
UKIPKƒECPVƒPFKPIUCPFHQNNQYWRVJGTGQP Shri. V. V. Member Inde- 5 5
Warty pendent
m) Discussion with statutory auditors before the audit Director
commences, about the nature and scope of audit as Ms. Radhika Member Inde- 5 3
well as post audit discussion to ascertain any area of Pereira pendent
concern. Director
n) To review the functioning of the Vigil Mechanism and iv) General
Whistle Blower mechanism The representatives of statutory auditors are permanent
o) Reconciliation of Share Capital Audit Report under invitees to the Audit Committee meetings. The statutory
5'$+
&GRQUKVQTKGUCPF2CTVKEKRCPVU4GIWNCVKQPU auditors were present in four Audit Committee meetings
QWVQHƒXG#WFKV%QOOKVVGGOGGVKPIUJGNFFWTKPIVJG(;
p) Carrying out any other function as is mentioned in the  'ZGEWVKXGU QH CEEQWPVU FGRCTVOGPV ƒPCPEG
terms of reference of the Audit Committee. department, corporate secretarial department and
S%QORNKCPEG%GTVKƒECVGEGTVKH[KPIEQORNKCPEGYKVJCNN internal audit department, and representatives of internal
laws as applicable to the Company auditors attend the Audit Committee meetings. The
internal auditor reports directly to the Audit Committee.
r) To Review Show cause, demand, prosecution notices
and penalty notices, which are materially important The Chairman of the Audit Committee was present at
the last Annual General Meeting, held on 30th September
U 6Q4GXKGYCP[OCVGTKCNFGHCWNVKPƒPCPEKCNQDNKICVKQPU 2016.
to and by the Company, or substantial non-payment
for goods sold by the Company

141
 Jain Irrigation Systems Ltd.

v) Subsidiary Companies iii) Presence at Nomination and Remuneration

The Company has the following direct wholly owned Committee Meeting
subsidiaries: Name of Desig- Catego- Total Meetings
a) JISL Overseas Ltd., Mauritius Directors nation ry meetings Attended
Shri. V. V. Chairman Inde- 3 3
b) Jain International Trading BV, Netherlands Warty pendent
E ,CKP2TQEGUUGF(QQFU6TCFKPICPF+PXGUVOGPVU2XV Director
Ltd., Ms. Radhika Member Inde- 3 3
Pereira pendent
The Company has the following unlisted Indian Director
subsidiaries
Dr. H.P. Member Inde- 3 3
i) Jain Farm Fresh Foods Limited. Singh pendent
Director
KK,CKP 2TQEGUUGF (QQFU 6TCFKPI CPF +PXGUVOGPVU
2XV.VF Shri. Ashok Member Chairman 2 3
B. Jain
Shri Ghanshyam Dass, Independent Director was
nominated on the Board of Jain Farm Fresh Foods Ltd iv) Remuneration Policy
on 30th May 2016.
The Company monitors performance of its all subsidiary Appointment and Remuneration Policy
companies, inter alia, by the following means: In accordance with Section 178 of the Act, and the
Regulations, Nomination and Remuneration Committee
Financial statements, in particular investments made is constituted and the Board on its recommendation has
by the subsidiary companies, are reviewed quarterly HTCOGF #RRQKPVOGPV CPF 4GOWPGTCVKQP 2QNKE[ KP (;
by the Company’s Audit Committee. 2015-16.
 # UVCVGOGPV EQPVCKPKPI CNN UKIPKƒECPV VTCPUCEVKQPU The policy aims to ensure that persons appointed
and arrangements entered into by subsidiary CU &KTGEVQTU CPF MG[ OCPCIGTKCN RGTUQPPGN
ũ-/2UŪ
companies is placed before the Company’s Board. RQUUGUU TGSWKUKVG SWCNKƒECVKQP GZRGTKGPEG GZRGTVKUG
CPF CVVTKDWVGU EQOOGPUWTCVG VQ VJGKT RQUKVKQP CPF VJG
4) Nomination and Remuneration remuneration to such personnel is fair and reasonable,
Committee CPFUWHƒEKGPVVQCVVTCEVTGVCKPCPFOQVKXCVGVJGRGTUQPPGN
NRC meets once in at least six months and minutes are
i) Brief description of terms of reference:
submitted to the Board.
The Nomination and Remuneration Committee

ũ04%Ū KU HQTOWNCVGF HQT FGVGTOKPKPI SWCNKƒECVKQP  2GTUQPUVQDGCRRQKPVGFCU&KTGEVQTUUJQWNFDGRGTUQPU
positive attributes and independence of a Director QHKPVGITKV[OGGVTGIWNCVQT[TGSWKTGOGPVUCPFRQUUGUU
while appointing new members to Board of Directors requisite knowledge/expertise/skills/experience. NRC
and recommend to the Board the policy, relating to YQWNFFGEKFGYJGVJGTVJGKTSWCNKƒECVKQPUGZRGTVKUGCPF
the remuneration for the Directors, Key Managerial other attributes are adequate for the position.
2GTUQPPGNCPFQVJGTGORNQ[GGU Remuneration payable to Executive Directors (“ED’s”)
The Committee’s composition meets with requirements would be comparable with ED’s of other companies,
of Section 178 of the Act, and the Regulations. which have comparable level of business. Fixed
remuneration would include perquisites and allowances
The NRC considers and recommends the appointment
and other perquisites like car and telephone, among
and remuneration of Executive Directors, Non-Executive
others, as per the Company’s policy. Variable pay is
&KTGEVQTU CPF -/2ŦU KP VJG %QORCP[ VJG CNNQVOGPV
based on performance. Stock option will be on the basis
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QH 5VQEM 1RVKQP 2NCP CU RGT NCY KP GZKUVGPEG #PPWCN
2005 & 2011. The following meetings held during the
increment would be based on the Company’s policy. No
year 2016-17
sitting fees will be paid.
Sr. No Date The overall limits shall be as laid down in the Act.
1) 30th May, 2016  %JKGH ƒPCPEKCN QHƒEGT CPF %QORCP[ 5GETGVCT[ UJQWNF
2) th
29 September, 2016 JCXG TGSWKUKVG SWCNKƒECVKQPU GZRGTKGPEG CPF CVVTKDWVGU
commensurate with the position. Fixed remuneration
3) 25th February, 2017
will include perquisites and allowances, other retirement
DGPGƒVUECTCPFVGNGRJQPGCOQPIQVJGTU
ii) Composition:
Independent Directors (“ID’s”) should meet the regulatory
Committee consists of following persons as on 31st
TGSWKTGOGPVU 6JG[ UJQWNF JCXG IGPGTCN SWCNKƒECVKQP
March, 2017:
and attributes adequate for the position. Besides,
a) Shri. V. V. Warty Chairman honesty and integrity is a must.
b) Smt Radhika Pereira Member IDs’ would be entitled to sitting fees and commission, as
c) Shri. Ashok B. Jain Member CRGTEGPVCIGQHPGVRTQƒVFGRGPFKPIWRQPRTQƒVUQHVJG
Company and regulatory provisions of the Act.
d) Dr. H. P. Singh Member
 6JGCRRQKPVOGPVCPFTGOQXCNQH&KTGEVQTUCPF-/2ŦUYKNN
The Company Secretary is the secretary and Convener be considered by NRC and recommended to the Board,
of the Committee. after due evaluation of the performance of personnel.

142
 Board diversity shall be considered from a number of aspects including but not limited to gender, cultural and educational
background, geographical location, industry experience/expertise and skills. However, all appointments will be based on
meritocracy and the Company’s requirements.
For orderly succession for appointment to the Board and to senior management, the NRC formulates policies, institutes
RTQEGUUGUYJKEJGPCDNGVJGKFGPVKƒECVKQPQHKPFKXKFWCNUYJQCTGSWCNKƒGFVQDGEQOG&KTGEVQTUCPFYJQOC[DGCRRQKPVGF
in senior management position.
v) Remuneration to Directors
The remuneration paid or payable to the Directors for services rendered during FY 2016-17 is given hereunder:
A) Executive Directors (Amount in `)
Sr. Name Designation Remunera- Perquisites Total Commis- Sitting Total
No. tion sion Fees
1) Shri. Ashok Chairman 2,32,33,524 1,07,53,477 3,39,87,001 1,10,00,000 - 4,49,87,001
B. Jain
2) Shri. Anil B. Vice Chairman 2,32,33,524 1,09,03,480 3,41,37,004 1,10,00,000 - 4,51,37,004
Jain & Managing
Director
3) Shri Ajit B. Jt. Managing 2,32,33,524 1,07,53,480 3,39,87,004 1,10,00,000 - 4,49,87,004
Jain Director
4) Shri Atul B. Jt. Managing 2,32,33,524 1,07,53,480 3,39,87,004 1,10,00,000 - 4,49,87,004
Jain Director
5) Shri R. Swa- Executive 41,62,560 17,34,072 58,96,632 - - 58,96,632
minathan Director
Total 9,70,96,656 4,48,97,989 14,19,94,635 4,40,00,000 - 18,59,94,645

B) Non-Executive Directors (Amount in `)

Sr. Name Designa- Remunera- Perquisites Total Commis- Sitting Total
No. tion tion sion Fees
1) Smt. Radhika Independent - - - 15,00,000 7,50,000 22,50,000
C. Periera Director
2) Shri. Ghan- Independent - - - 15,00,000 7,00,000 22,00,000
shyam Dass Director
3) Shri. V. V. Independent - - - 15,00,000 9,50,000 24,50,000
Warty Director
4) Shri. D. R. Independent - - - 15,00,000 3,50,000 18,50,000
Mehta Director
5) Shri. H. P. Independent - - - 15,00,000 5,00,000 20,00,000
Singh Director
Total - - - 75,00,000 32,50,000 107,50,000
Grand Total 9,70,96,656 4,48,97,989 14,19,94,635 5,15,00,000 32,50,000 19,67,44,645

vi) Terms of Appointment of Executive Directors:

Sr. Name Period Remuneration Per Remuneration Per Commission
No. Month (`) Month (`)
Up to 30th From 1st
September 2016 October, 2016
1) Shri. Ashok B. Jain 1,583,333 24,38,921 1% of net Profit
2) Shri. Anil B. Jain 1,583,333 24,38,921
1st October, 2015 to 24,38,921
3) Shri. Ajit B. Jain 1,583,333
30th September, 2018
4) Shri. Atul B. Jain 1,583,333 24,38,921
5) Shri. R.Swaminathan 520,320 5,20,320 NA
 2GTSWKUKVGU
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K %QPVTKDWVKQPVQVJG2TQXKFGPV(WPF5WRGTCPPWCVKQP(WPF#PPWKV[(WPFCPFQT)TCVWKV[
KK )TCVWKV[PQVGZEGGFKPIJCNHOQPVJUCNCT[HQTGCEJ[GCTQHEQORNGVGFUGTXKEGWPFGTVJKUCRRQKPVOGPV
iii) Leave encashment, if any, as per Company’s policy applicable.

5) Stakeholders Relationship Committee

The ‘Stakeholders’ Relationship Committee’ (“SRC”) was constituted by the Board on 11th August, 2014 by change of
name of Shareholders Grievances Committee. The SRC is primarily responsible to review all matters connected with
the Company’s transfer of securities and redressal of shareholders’ / investors’ / security holders’ complaints. The
Committee also monitors the implementation and compliance with the Company’s Code of Conduct for prohibition of

143
 Jain Irrigation Systems Ltd.

Insider Trading. The SRC’s composition and the terms iii) Shareholders queries received, solved and
of reference meet with the requirements of SEBI (Listing pending during the year ended 31st March 2017
Obligations and Disclosure Requirements) Regulations, Nature of Op. Re- Re- Bal-
2015 and provisions of Section 178 of the Act. Complaints Balance ceived solved ance
The scope of the committee is as follows: Non-receipt of - 5 5 -
Oversee and review all matters connected with the new reduced/
transfer of the Company’s Ordinary Equity/DVR split/DVR Bo-
nus Shares
Equity Shares
Transfer/ - 5 5 -
Approve issue of the Company’s duplicate share Transmission of
EGTVKƒECVGU Shares related
Consider, resolve and monitor redressal of investors’/ Non-receipt of - 10 10 -
shareholders’ grievances related to transfer of Shares dividend
non-receipt of Annual Report, non-receipt of declared Non-receipt of - 3 3 -
dividend etc. Annual Report
Demat/Remat - 2 2 -
Oversee the performance of the Company’s of Shares
Registrars and Transfer Agents
Total - 25 25 -
Recommend methods to upgrade the standard of
services to investors SEBI Complaints Redressal System (SCORES): The
investor complaints are processed in a centralised
Monitor implementation and compliance with the
web-based complaints redressal system. The salient
%QORCP[ŦU%QFGQH%QPFWEVHQT2TQJKDKVKQPQH+PUKFGT
features of this system are: centralised database of
Trading
all complaints, online upload of Action Taken Reports
Carry out any other function as is referred by the (ATR’s) by the Company/RTA and online viewing by
Board from time to time and / or enforced by any investors of actions taken on the complaint and its
UVCVWVQT[ PQVKƒECVKQP  COGPFOGPV QT OQFKƒECVKQP current status.
as may be applicable
 2GTHQTO UWEJ QVJGT HWPEVKQPU CU OC[ DG PGEGUUCT[ 6) Risk Management Committee
or appropriate for the performance of its duties i) Brief description of the Risk Management
Four meetings of SRC were held on 30 May, 2016, th Committee
12th August, 2016, 10th November, 2016 and 14th The Risk Management Committee was constituted
February, 2017 during the year FY 2016-17. However, by the Board of Directors of the Company as on 10th
VJG VTCPUHGT UWDEQOOKVVGG JCU OGV  VKOGU VQ August, 2015, as per the provisions of Regulation 21 of
approve the requests for transfer, transmission, SEBI (Listing Obligations and Disclosure Requirements),
duplicate, split, demat of Shares etc. Regulations, 2015. Risk Management Committee
dwells upon the potential risks associated with the
i) Stakeholders Relationship Committee (SRC) business and their possible mitigation plans. The Risk
comprises of the following as on 31st March, Management Committee met once in the FY 2016-17 on
2017: 25th February, 2017, all the members of the Committee
Sr.No. Name of Member Designation were present at the meeting.
1) Ms. Radhika Pereira Chairman ii) Composition
2) Shri. V. V. Warty Member The composition of the Committee meets the legal
requirements. Committee consists of following persons
3) Shri. Ajit B. Jain Member
as on 31st March, 2017.
The Company Secretary is the Secretary and convenor
a) Shri. Ghanshyam Dass Chairman
of this Committee.
b) Shri. Atul B. Jain Member
 2TGUGPEG CV 5VCMGJQNFGTU 4GNCVKQPUJKR %QOOKVVGG
c) Ms. Radhika C. Pereira Member
(SRC) meeting:
Name of Desig- Category Total Meetings
iii) Role(s) of the Committee
Directors nation meet- Attended  6QCUUGUUVJG%QORCP[ŦUTKUMRTQƒNGCPFMG[CTGCUQH
ings risk in particular.
Ms. Chair- Inde- 4 3 To recommend the Board and adoption of risk
Radhika man pendent assessment and rating procedures.
Pereira Director
To articulate the Company’s policy for the oversight
Shri. V. V. Member Inde- 4 4 and management of business risks.
Warty pendent
Director  6Q GZCOKPG CPF FGVGTOKPG VJG UWHƒEKGPE[ QH VJG
Shri. Ajit Member Executive 4 3 Company’s internal processes for reporting on and
B.Jain Director managing key risk areas.
To assess and recommend the Board acceptable
ii) Compliance Officer: Shri. A. V. Ghodgaonkar-
levels of risk.
Company Secretary

144
 To develop and implement a risk management The Committee consists of the following persons as on
framework and internal control system. 31st March, 2017.
To review the nature and level of insurance coverage. Sr. Name Designa- Meet- Meetings
No tion ings Attended
To have special investigations into areas of corporate
held
risk and break-downs in internal control.
a) Shri. Ashok Chairman* 27 2
To review management’s response to the Company’s B. Jain
auditors’ recommendations those are adopted. b) Shri. Anil B. Chairman** 27 27
 6Q TGRQTV VJG VTGPFU QP VJG %QORCP[ŦU TKUM RTQƒNG Jain
TGRQTVU QP URGEKƒE TKUMU CPF VJG UVCVWU QH VJG TKUM c) Shri. Ajit B. Member 27 27
management process. Jain
d) Shri. Atul B. Member 27 27
7) Operations Review Committee: Jain
The Board has since 2010 constituted Operations e) Shri. R. Swa- Member 27 21
Review Committee, which undertakes the work of minathan
approving (within the borrowing powers approved
by Board) individual sanction letters and delegates * Resigned with effect from May 30, 2016, hence
authority for completing documentation related to such attended two meetings only
borrowing, review the operational areas, delegation ** appointed Chairman of the Committee with effect
of authority for additional areas in view of increase in from May 30, 2016
the size of operations, timely decisions for operational The Operations Review Committee has met 27 times
GHƒEKGPE[CPFGHHGEVKXGPGUU during the FY 2016-17.

8)General Meetings
a) Annual General Meeting
i) The details of the location, date and time for last three Annual Meetings are given as below:
Year Location Date Time
2013-14 Jain Plastic Park, N H No. 6, Bambhori, Jalgaon – 425001 26.09.2014 11.00 AM
2014-15 Jain Plastic Park, N H No. 6, Bambhori, Jalgaon – 425001 30.09.2015 11.00 AM
2015-16 Jain Plastic Park, N H No. 6, Bambhori, Jalgaon – 425001 30.09.2016 11.00 AM
ii) Special Resolutions passed:

Date of Meeting Matter of Special Resolution

27th AGM held on 26th September, 2014
28th AGM held on 30th September, 2015
29th AGM held on 30th September, 2016
None
Limits on the Borrowing Powers of the Board of Directors
Re-appointment, remuneration & perquisites of Shri. Ashok B. Jain as Executive
Vice-Chairman of the Company
Re-appointment, remuneration & perquisites of Shri. Anil B. Jain as Chief
Executive Officer/Managing Director of the Company
Re-appointment, remuneration & perquisites of Shri. Ajit B. Jain as Chief
Operating Officer/Joint Managing Director of the Company
Re-appointment, remuneration & perquisites of Shri. Atul B. Jain as Chief
Marketing Officer/Joint Managing Director of the Company
Re-appointment, remuneration & perquisites of Shri. R. Swaminathan as
Executive Director of the Company
Ratification of the Cost Auditor of the Company for the year 2016-17
Alteration of selected clauses of Articles of Association of the Company
Ratification of disclosure under Regulations 73 (1) (E) of SEBI (ICDR), Regula-
tions, 2009 in respect of already allotted 36.20 million CCD’s to Mandala Rose
Co Investment Limited, Mauritius

b) Extra Ordinary General Meeting:

i) The details of the location, date, time and business passed in the Extra Ordinary General Meeting are given as below:
Location Date Time Business
Subir Bose Hall, Jain Agri 24.03.2017 11.00 AM Issue of Foreign Currency Convertible Bonds up to US$ 75
Park, Shirsoli Road, Jalga- million to Non-Promoter entities for redemption of FCCB’s worth
on-425001 US$ 50 million issued in 2012/2013 and balance US$ 25 million
fresh issue

145
 Jain Irrigation Systems Ltd.
ii) Special Resolution(s) passed through Postal
Ballot
The Company has not passed any resolution
VJTQWIJ 2QUVCN $CNNQV FWTKPI VJG [GCT GPFGF st
March 2017.
iii) Whether any special resolution is proposed to be
conducted through Postal Ballot:
Resolution to be passed for Mortgage/ Charge on
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as per provisions of Section 180(1)(a) of the Act.
iv) Procedure for Postal Ballot:
C 5JCTGJQNFGTU JQNFKPI 5JCTGU KP 2J[UKECN OQFG
%QORCP[JCUFKURCVEJGF2QUVCN$CNNQV(QTOCPF
procedure for voting to all Shareholders holding
Shares in physical mode and having no mail Id.
b) Shareholders holding Shares in electronic mode:
Company has appointed Central Depository
Services (India) Limited for conducting e-Voting by
the members of the Company.
9) Disclosures
i) Management Discussion and Analysis:
30th Annual Report has a detailed chapter on
Management Discussion and Analysis.
ii) Related Party Transaction (RPT):
The Company has not entered into materially
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the interest of the Company at large. However, the
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The Company does have trading relations with some
of its trading wholly-owned subsidiary entities. The
Audit Committee and the Board of the Company
approved on an omnibus basis on 12th August, 2016
426QH` 6,620 million under the provisions of Section
188 of the Act.
The details of related party transactions are given
in detail in Note No 37 of the Standalone Financial
Statements of the Company for the year ended 31st
March 2017.
iii) Details of non-compliance by the Company:
a) Capital Market Compliance: There were no cases
of non-compliance during the year with stock
exchange where the shares of the Company are
listed, SEBI regulations or any other statutory
bodies nor any cases of penalties imposed by
them for any non-compliance related to the capital
market compliances during the last three years.
b) Compliance under Companies Act: There were no
cases of non-compliance of applicable provisions
of Companies Act, 2013 nor any cases of penalties
imposed by the Department of Corporate Affairs or
the registrar of companies or any other statutory
bodies for any non-compliance related to the
Company Law provisions during the last three years.
c) Insider Trading: In terms of provisions of SEBI
2TQJKDKVKQPQH+PUKFGT6TCFKPI4GIWNCVKQPU shareholding pattern, corporate governance report
as amended, the Company has formulated a ‘code
of internal procedure & conduct for prevention of
insider trading’ in shares of the Company. The code
of conduct has been explained and circulated to
146
the employees and is implemented by Compliance
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iv) Whistle Blower Policy:
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personnel have been denied access to the Audit
Committee.
10) Modes of Communication
i) Quarterly Results
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forthwith communicated to stock exchanges
(where the Company’s equity shares are listed) as
soon as they are approved and taken on record by
the Board of Directors of the Company. Further, the
results are published in a leading Marathi newspaper
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newspapers published on an all India basis. These
results are simultaneously posted on the website of
the Company (http://www.jains.com.)
ii) Press Release
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posted on the website of Company (http://www.jains.
com.)
iii) Annual Report
The Annual Report containing, inter alia, Audited
Financial Statement, Consolidated Financial
Statements, Directors’ Report, Auditors’ Report and
other important information is circulated to members
and others entitled thereto. The Management’s
Discussion and Analysis Report forms part of the
Annual Report and is displayed on the Company’s
website (www.jains.com).
Presentations to institutional investors/analysts
Detailed presentations are made to institutional
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results. These presentations are also uploaded on the
Company’s website (www.jains.com).
Website: The Company’s website (www.jains.com
contains a separate dedicated section ‘Investor
Relations’ where shareholders’ information is
available. The Company’s Annual Report is also
available in a downloadable form.
NSE Electronic Application Processing System
(NEAPS):
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for corporates. The Company is regularly submitting all
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corporate governance report and media releases,
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BSE Corporate Compliance & Listing Centre (the
‘Listing Centre’):
BSE’s Listing Centre is a web-based application
designed for corporates. The Company is regularly
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and media releases, among others electronically on
the Listing Centre.
The Company has complied with the applicable
mandatory requirements of the Regulations.
11)General Shareholders Information
i) Annual General Meeting: Day, Date, 30th Annual General Meeting Thursday, 11.00 AM on 28th September, 2017
Time & Venue Registered Office at Jain Plastic Park, N H No. 6, Bambhori, Jalgaon-425001

ii) Financial Year 1st April 2016 to 31st March 2017

iii) Book Closure Dates Monday, 18th September 2017 to Saturday, 30th September, 2017 (both days
inclusive)
iv) Dividend payment date 6th October, 2017
v) Listing of Shares on Stock Exchanges BSE Ltd, Mumbai, National Stock Exchange of India Ltd., Mumbai

vi) Stock Codes Ordinary Equity Shares DVR Equity Shares

The Bombay Stock Exchange, Mumbai 500219 570004
JISLJALEQS JISLDVREQS
vii) Corporate Identification Number (CIN) L29120MH1986PLC042028
viii) Registered Office Jain Plastic Park, N H No. 6, Bambhori, Jalgaon - 425001
ix) ISIN No. Ordinary Equity Shares: DVR Equity shares:
INE175A01038 INE175A01010
x) Depositories National Securities Depository Ltd.
Central Depository Services (India) Ltd.
xi) Address for correspondence Jain Plastic Park, N H No. 6, Bambhori, Taluka- Dharangaon, District- Jalga-
on-425001.(Maharashtra)

ii) Market Price Data (in `) During FY 2016-17

a) Ordinary Equity Shares Quotations
Month Bombay Stock Exchange National Stock Exchange
Date High Date Low Date High Date Low
Apr-16 21-Apr-16 67.30 05-Apr-16 57.70 21-Apr-16 67.25 05-Apr-16 57.65
May-16 10-May-16 72.00 02-May-16 60.00 10-May-16 72.00 02-May-16 60.40
Jun-16 30-Jun-16 74.95 01-Jun-16 63.55 30-Jun-16 74.90 01-Jun-16 63.50
Jul-16 04-Jul-16 76.00 19-Jul-16 68.80 07-Jul-16 74.95 19-Jul-16 68.70
Aug-16 26-Aug-16 86.70 01-Aug-16 69.55 26-Aug-16 86.70 01-Aug-16 69.45
Sep-16 16-Sep-16 101.45 01-Sep-16 83.85 16-Sep-16 101.40 29-Sep-16 82.65
Oct-16 30-Oct-16 109.25 03-Oct-16 90.35 30-Oct-16 108.60 03-Oct-16 90.20
Nov-16 01-Nov-16 107.40 24-Nov-16 82.70 01-Nov-16 107.50 24-Nov-16 82.55
Dec-16 09-Dec-16 91.55 22-Dec-16 79.80 09-Dec-16 91.20 22-Dec-16 79.70
Jan-17 12-Jan-17 96.50 20-Jan-17 87.40 11-Jan-17 96.45 02-Jan-17 87.50
Feb-17 09-Feb-17 99.20 27-Feb-17 92.25 09-Feb-17 99.00 27-Feb-17 92.25
Mar-17 21-Mar-17 96.50 03-Mar-17 88.55 21-Mar-17 96.65 03-Mar-17 88.30

b) DVR Shares Quotations

Mumbai Stock Exchange National Stock Exchange
Months
Date High Date Low Date High Date Low
Apr-16 21-Apr-16 42.95 05-Apr-16 38.00 21-Apr-16 42.85 06-Apr-16 38.25
May-16 10-May-16 49.55 05-May-16 39.30 10-May-16 49.35 03-May-16 39.10
Jun-16 28-Jun-16 48.75 02-Jun-16 41.20 23-Jun-16 49.00 02-Jun-16 41.25
Jul-16 04-Jul-16 49.35 27-Jul-16 44.65 01-Jul-16 48.90 27-Jul-16 44.75
Aug-16 29-Aug-16 53.75 01-Aug-16 45.05 22-Aug-16 53.60 01-Aug-16 45.20
Sep-16 14-Sep-16 61.50 30-Sep-16 50.60 14-Sep-16 61.35 01-Sep-16 50.55
Oct-16 24-Oct-16 63.00 03-Oct-16 52.75 24-Oct-16 62.85 03-Oct-16 54.05
Nov-16 01-Nov-16 62.50 15-Nov-16 50.00 01-Nov-16 62.45 09-Nov-16 49.10
Dec-16 30-Dec-16 59.05 27-Dec-16 50.20 29-Dec-16 59.50 22-Dec-16 50.80
Jan-17 27-Jan-17 67.00 02-Jan-17 58.20 11-Jan-17 66.90 03-Jan-17 58.50
Feb-17 10-Feb-17 66.90 16-Feb-17 57.85 01-Feb-17 65.00 15-Feb-17 57.00
Mar-17 24-Mar-17 62.00 03-Mar-17 58.25 27-Mar-17 61.80 03-Mar-17 58.15

147
 Jain Irrigation Systems Ltd.

iii) Sensex and Nifty

Months Sensex Nifty
High Low High Low
Apr-16 26,100.54 24,523.20 7,992.00 7,516.85
May-16 26,837.20 25,057.93 8,213.60 7,678.35
Jun-16 27,105.41 25,911.33 8,308.15 7,927.05
Jul-16 28,240.20 27,034.14 8,674.70 8,287.55
Aug-16 28,532.25 27,627.97 8,819.20 8,518.15
Sep-16 29,077.28 27,716.78 8,968.70 8,555.20
Oct-16 28,477.65 27,488.30 8,806.95 8,506.15
Nov-16 28,029.80 25,717.93 8,669.60 7,916.40
Dec-16 26,803.76 25,753.74 8,274.95 7,893.80
Jan-17 27,980.39 26,447.06 8,672.70 8,133.80
Feb-17 29,065.31 27,590.10 8,982.15 8,537.50
Mar-17 29,824.62 28,716.21 9,218.40 8,860.10

iv) Registrar and Transfer Agents

The contact details of new RTA are as follows:
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Web: www.linkintime.co.in
The Stakeholders are requested to send queries or inquire about shares, dividend, annual report or any other relatedmatters
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U
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v) Share Transfer System:

a) Electronic Transfer of Shares: Through National Securities Depository Ltd and Central Depository Services (India) Ltd
 D2J[UKECN6JTQWIJ46#IGPVKGKPM+PVKOG+PFKC2TKXCVG.KOKVGF%2CTM.$5/CTI8KMJTQNK9GUV/WODCK
2JQPG(CZ/CKN+F/WODCK"NKPMKPVKOGEQKPCPFTPVJGNRFGUM"NKPMKPVKOGEQKP
Web: www.linkintime.co.in
Share Transfer/ Demat data as on 31st March, 2017

Ordinary Equity Shares

Month Physical Demat (NSDL) Demat (CDSL)
No. of No. of No. of Re- No. of No. of Re- No. of
Transfer Shares quests Shares quests Shares
Apr-16 1 175 11 4,315 8 2,650
May-16 2 505 11 2,635 5 2,000
Jun-16 2 465 8 2,165 7 2,285
Jul-16 1 175 9 3,120 11 3,965
Aug-16 1 250 24 8,535 9 1,740
Sep-16 3 230 8 3,350 6 1,105
Oct-16 1 250 16 2,570 3 1,005
Nov-16 2 800 16 10,830 10 3,520
Dec-16 0 0 33 125,905 16 6,690
Jan-17 1 175 27 40,915 19 6,230
Feb-17 1 250 22 12,080 12 4,350
Mar-17 1 500 17 6,405 14 3,445
Total 16 3775 202 222,825 120 38,985

148
 DVR Equity Shares
Month Physical Demat (NSDL) Demat (CDSL)
No. of No. of No. of Re- No. of No. of Re- No. of Shares
Transfer Shares quests Shares quests
Apr-16 2 52 6 115 5 84
May-16 0 0 7 131 4 130
Jun-16 1 8 2 14 6 136
Jul-16 1 8 9 136 5 97
Aug-16 2 24 14 176 2 20
Sep-16 1 8 12 236 6 76
Oct-16 1 12 12 253 4 75
Nov-16 3 39 7 239 8 98
Dec-16 0 0 11 205 2 50
Jan-17 1 8 7 141 3 65
Feb-17 0 0 7 118 4 53
Mar-17 0 0 7 89 4 65
Total 12 159 101 1,853 53 949

vi) Distribution of Shareholding: As at 31st March, 2017

a) Ordinary Equity Shares
Shareholding of No of Shares % of Total Number of Value in ` % of Total
Shares Nominal holders Shareholders Shares Share Capital
Value (`)
Upto 500 121,701 84.80 17,228,234 34,456,468 3.74
501-1000 11,022 7.68 8,954,707 17,909,414 1.95
1001 - 2000 5,197 3.62 7,936,650 15,873,300 1.72
2001 - 3000 1,944 1.35 5,041,939 10,083,878 1.10
3001 - 4000 820 0.57 2,942,532 5,885,064 0.64
4001 - 5000 712 0.50 3,370,060 6,740,120 0.73
5001 - 10000 1,030 0.72 7,627,055 15,254,110 1.66
10001 & Above 1097 0.76 407,064,876 814,129,752 88.46
Total 143,523 100.00 460,166,053 920,332,106 100.00
b) DVR Equity Shares
Shareholding of No of Share- % to Total Number of Value in ` % of Total
Nominal Value (`) holders Numbers Shares
Upto 500 47,981 95.20 1,979,040 3,958,080 10.26
501 - 1000 1,116 2.21 922,793 1,845,586 4.78
1001 - 2000 557 1.10 847,307 1,694,614 4.39
2001 - 3000 225 0.45 577,350 1,154,700 2.99
3001 - 4000 114 0.23 411,044 822,088 2.13
4001 - 5000 95 0.19 451,483 902,966 2.34
5001 - 10000 144 0.28 1,095,414 2,190,828 5.68
10001 & Above 170 0.34 13,009,873 26,019,746 67.43
Total 50,402 100.00 19,294,304 38,588,608 100.00

vii) Physical & Dematerialisation Shares as on 31st March, 2017

Particulars No. of Ordinary Equity Shares % No. of DVR Equity Shares %
Physical 2,587,450 0.56 127,491 0.66
Demat
NSDL 403,275,907 87.64 13712931 71.07
CDSL 54,302,696 11.80 5453882 28.27
Total Demat 457,578,603 99.44 19,166,813 99.34
Total Equity 460,166,053 100.00 19,294,304 100.00

149
 Jain Irrigation Systems Ltd.

viii) Trading of Shares (` in Lacs)

i) Ordinary Equity shares
Months Stock Exchange, Mumbai National Stock Exchange
No. of Trans- No. of Shares Turn Over (`in No. of Trans- No. of Shares Turnover (`in
actions Lacs) actions Lacs)
Apr-16 31,497 79,89,292 5,003.43 1,79,091 5,44,74,677 34135.87
May-16 39,895 1,07,68,316 7,122.76 2,37,295 6,32,08,023 41926.36
Jun-16 48,797 1,22,76,882 8,486.42 2,74,184 8,08,03,579 56213.45
Jul-16 35,507 1,07,93,634 7,836.08 2,42,833 7,19,35,531 52139.74
Aug-16 1,01,558 2,38,05,036 18,855.75 5,81,401 19,08,12,810 151626.05
Sep-16 1,21,492 2,41,26,937 22,528.01 5,82,027 16,81,85,630 157364.50
Oct-16 64,325 1,41,13,873 14,085.69 3,88,896 10,53,72,591 105020.38
Nov-16 75,806 1,82,77,389 16,861.35 4,92,797 12,51,05,837 116534.73
Dec-16 46,827 1,13,02,833 9,715.57 3,09,630 7,08,04,536 60839.40
Jan-17 55,603 1,23,82,922 11,544.09 4,14,941 9,22,31,317 85938.64
Feb-17 40,864 1,03,31,016 9,891.13 3,42,319 7,98,79,161 76352.55
Mar-17 30,024 65,44,059 6,096.03 2,13,519 6,30,48,881 58710.50
ii) DVR Equity Shares
Month Stock Exchange, Mumbai National Stock Exchange
No. of Trans- No. of Shares `in Lacs No. of Trans- No. of Shares ` in Lacs
actions actions
Apr-16 1,098 1,76,788 71.27 7,132 11,13,044 449.48
May-16 6,635 10,03,171 466.86 27,318 45,83,474 2121.8
Jun-16 2,740 3,77,088 169.28 10,972 19,07,959 860.58
Jul-16 1,517 2,08,486 98.99 6,596 11,56,297 547.36
Aug-16 3,638 4,75,967 237.81 14,690 25,57,285 1271.98
Sep-16 5,585 7,28,100 411.32 18,546 29,28,187 1655.72
Oct-16 2,676 3,00,681 178.97 10,629 16,56,653 986.62
Nov-16 2,821 4,83,175 265.52 11,606 23,49,205 1289.66
Dec-16 2,944 3,34,934 186.76 14,438 19,72,851 1101.57
Jan-17 6,330 6,70,173 425.88 25,312 31,66,206 2019.37
Feb-17 3,385 4,49,310 276.04 10,912 16,50,564 1008.74
Mar-17 1,157 1,61,898 97.10 5,365 7,60,721 456.81

ix) Outstanding GDR’s/ ADR’s /Convertible instruments, conversion date and impact on Equity
a) Out of a total of 13,48,300 (post-Split 67,42,500) European Depositary Receipts (EDR’s) issued by the Company in
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have been cancelled and converted into underlying Equity Shares of `2/- each as on 31st March, 2017. However, the
conversion into underlying Equity Shares does not impact the Share capital in any manner whatsoever.
b) In terms of EGM resolution dated 1st 1EVQDGTWU
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US$ 55 million Zero Coupon Convertible Bonds due on October 2017 and May 2018. The Bonds are convertible at any
time and after 16th October, 2012 up to the close of business on 16th September, 2017/30th March, 2018 by holders into
fully paid Equity Shares at par value of `2/- each at an initial conversion price of `115/- per Share.
c) In terms of the AGM resolution dated 30th September, 2005 Company has issued 1,53,56,000 (pre Split 30,71,200)
'512ŦUGPVKVNKPIVJG'512JQNFGTUWRQPXGUVKPIVQGZGTEKUGVJGTKIJVVQEQPXGTV'512KPVQ'SWKV[5JCTGQH` 2/- each
on payment of the exercise price. The Company has issued and allotted Shares as per details given below out of

RTGURNKV'512ŦUCUCVst March, 2017.
Particulars ESOP 1 ESOP 2 ESOP 3 ESOP 4 Total
No. of ESOPs 25,00,000 25,00,000 25,00,000 25,00,000 1,00,00,000
Allotted on 23.01.2010 21,88,350 0 0 0 21,88,350
Allotted on 31.03.2010 95,600 0 0 0 95,600
Allotted on 10.09.2010 70,350 0 0 0 70,350
Allotted on 25.03.2011 2,250 17,52,400 21,10,850 0 38,65,500
Allotted on 31.03.2011 0 3,38,025 3,34,475 0 6,72,500
Allotted on 22.07.2011 1,500 1,34,200 25,925 0 161,625
Allotted on 03.09.2016 1,41,950 2,75,375 28,750 25,00,000 29,46,075
Total Allotment 25,00,000 25,00,000 25,00,000 25,00,000 1,00,00,000
Balance ----------------------------------------- NIL -----------------------------------------

150
 d) The Shareholders of the Company approved in the 24th AGM held on 30th September, 2011 a new Employees Stock
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and Ordinary Equity Shares to whole-time directors and permanent employees of the Company and its subsidiaries (in
India and abroad) ‘Eligible Employees’) so as to ensure commitment, retain and attract good talent through ownership
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i) The total number of options that may in the aggregate be granted to the Eligible Employees of the Company shall
be 43,56,000 Ordinary Equity Shares of face value ` 2/- each.
ii) The total number of options that may in the aggregate be granted to the Eligible Employees of the subsidiaries of
the Company shall be 10,00,000 Ordinary Equity Shares of face value ` 2/- each.
e) In terms of EGM resolution dated 3rd December, 2015 u/s 62 of the Act, the Company has issued 3,62,00,000
Compulsorily Convertible Debentures (CCDs) of ` 80/- each on 11th March 2016 on preferential basis to Mandala
Rose Co-Investment Limited. The CCDs shall be convertible into one Equity Share of nominal value of ` 2/- each at a
premium of ` 78/- per Share. The CCD’s shall be exercisable at the option of the holder, in such number of options, in
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of allotment of the CCD’s .
x) Additional Information
a) Nomination facility
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for nomination .The nomination can be made by individuals only applying/holding Shares on their own behalf singly
or jointly. A holder of Shares can nominate a minor and in that event the name and address of the guardian shall be
given by the holder. The nomination stand cancelled upon transfer of shares.
 6JGKPVKOCVKQPTGICTFKPIPQOKPCVKQPPQOKPCVKQPHQTOUJCNNDGƒNGFYKVJ%QORCP[QT46#IGPVQHVJG%QORCP[
.KPM+PVKOG+PFKC2TKXCVG.KOKVGF
%2CTM.$5/CTI
Vikhroli West, Mumbai-400083
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Web: www.linkintime.co.in.

b) Unclaimed Dividend: The details of unclaimed dividend are as follows as on 31st March, 2017
Sr. Financial Date of decla- Last day for claim- Unclaimed amount Due date for transfer
No. Year ration ing unpaid Dividend as on 31.03.2017 (`) to IE&PF (on or before)
1) 2009-10 29.09.2010 28.09.2017 1,151,361 27.10.2017
2) 2010-11 30.09.2011 29.09.2018 1,792,044 28.10.2018
3) 2011-12 21.09.2012 20.09.2019 2,157,909 19.10.2019
4) 2012-13 27.09.2013 26.09.2020 1,207,055 25.10.2020
5) 2013-14 26.09.2014 25.09.2021 1,471,734 24.10.2021
6) 2014-15 29.09.2015 28.09.2022 1,583,371 27.10.2022
7) 2015-16 30.09.2016 29.09.2023 1,460,007 28.10.2023

Members who have not yet encashed their dividend warrant(s) are requested to lodge their claims to the Company
immediately. The unclaimed/unpaid dividend data are also uploaded on the Company’s web site.
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+'2(4WNGUYGTGPQVKƒGFD[VJG/KPKUVT[QH%QTRQTCVG#HHCKTU
/%#QPth May 2012, which are applicable to the
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%QORCP[JCUWRNQCFGFVJGKPHQTOCVKQPKPTGURGEVQHVJG7PENCKOGF&KXKFGPFUHQTVJGƒPCPEKCN[GCTUHTQO
CUQPVJGFCVGQHVJGth Annual General Meeting held on 30th5GRVGODGTQPVJGYGDUKVGQHVJG+'2(XK\YYY
iepf.gov. in an under ‘Investors Section’ on the Company’s website viz. www.jains.com.
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Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, which have come into effect from September 7,
2016 (said Rules), the Company is mandatorily required to transfer all shares in respect of which dividend(s) has not
been paid or claimed by the shareholders for 7 (Seven) consecutive years or more to the demat account of Investor
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+'2(#WVJQTKV[
Members who have not claimed/encashed their dividend for last seven consecutive years commencing from the unpaid
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12 are requested to claim the said dividend(s) by making an application to Company or Registrar and Transfer Agent

151
 Jain Irrigation Systems Ltd.

46#QHVJG%QORCP[/U.KPM+PVKOG+PFKC2TKXCVG.KOKVGF%2CTM.$5/CTI8KMJTQNK9GUV/WODCK
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utility bill as address proof.
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name and held by you will stand automatically cancelled and be deemed cancelled on transfer to Authority.
b) In case of shares held in electronic form: Your demat account will be debited for the shares liable for transfer as
above.
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c) Designated Exclusive email-id : The Company has designated the following email-ids exclusively for investor servicing:
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For queries in respect of shares in physical mode : inveUVQTEQTT"LCKPUEQO

12)Non Mandatory Requirements: The Company is also currently meeting the non
mandatory requirements as under
 C6JGJCNH[GCTN[FGENCTCVKQPQHƒPCPEKCNRGTHQTOCPEGKPENWFKPIUWOOCT[QHVJGUKIPKƒECPVGXGPVUOCKNGFVQ5JCTGJQNFGTU
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d) The internal auditor reported directly to the Audit Committee.

13)Chief Executive Officer/Managing Directors’ declaration

As required by Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Chief
'ZGEWVKXG1HƒEGT/CPCIKPI&KTGEVQTUŦFGENCTCVKQPKUIKXGPCUCPCPPGZWTGVQVJKU4GRQTV

14)Auditors’ Certificate on Corporate Governance

As required by Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Auditors’
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15)Plant Locations in India (including Subsidiaries) Jalgaon:

i) Jain Plastic Park,0*0Q21$QZ8KNNCIGŢ$CODJQTK6CNWMCŢ&JCTCPICQP&KUVTKEVŢ,CNICQP
Maharashtra.
ii) Jain Agri Park Jain Hills,,CKP#ITK2CTM,CKP*KNNU5JKTUQNK4QCF&KUVTKEV,CNICQP/CJCTCUJVTC
iii) Jain Food Park, ,CKP8CNNG[,CKP(QQF2CTM,CKP8CNNG[5JKTUQNK4QCF&KUVTKEV,CNICQP/CJCTCUJVTC
iv) Jain Energy Park,,CKP'PGTI[2CTM,CKP*KNNU5JKTUQNK4QCF,CNICQP&KUV,CNICQP/CJCTCUJVTC
v) Bhavnagar,5WTXG[0Q,+&%#V2QUV)JCPICNK6CNWMC5KJQT&KUV$JCXPCICT
vi) Chittoor Food Plant - Unit No. 01, 100, Gollapali, Gangadhara Village, Nellore (Mandal), Dist. Chittoor- 517 125.
vii)Food Plant Unit No. 02, Avalkonda Road, Gangadhara Village, Nellore (Mandal), Dist. Chittoor- 517 125.
viii) Kondamadgu,50Q-QPFCOCFIW
8KNNCIG$KDK0CICT
/CPFCN0CNIQPFC&KUV
#2
ix) Udumalpet,5(0Q'NNC[COWVJWTXKNNCIG7FWOCNRGV6KTWRWTFKUVTKEV6COKNPCFWŢ+PFKC
x) Vadodara,,CKP(QQF2CTM8KNNCIG&JQDKMWXC2QUV/WXCF6CN2CFTC&KUV8CFQFTC
xi) Alwar, 2NQV0Q52/CVU[C+PFWUVTKCN#TGC#NYCT
4CLCUVJCP
Demo and Research & Development Farms
i) Jain Agri Park,,CKP*KNNU21$QZ,CNICQP
ii) Jain Tissue Park,#V6CMCTMJGFC2QUV-CFJQNK6CN'TCPFQN&KUV,CNICQP
iii) Kulu Angora Breeding Farm,8KNNCIG2KTFK6CN/CJQN&KUV-WNW
*2
iv) Udumalpet,5KVG0Q'NNC[OWVJWT8KNNCIG7FWOCNRGV&KUV%QKODCVQTG6COKNPCFW
v) Wardha, ‘Aarogyadham’ Kasturba Nisarga Upchar Kendra, Varud Road, Kasturba Health Society, Sevagram, Wardha

152
16) Plants Location - Overseas
i) Jain Irrigation Inc. [Drip Irrigation System]
 'CUV(NQTGPEG#XGPWG(TGUPQ%CNKHQTPKC%#75#
3777, State Road, 544, East Haines City, Florida 33844, USA
 'CUV(TCPEKU5VTGGGV1PVCTKQ%#75#
ii) Chapin Watermatics, Inc. [Drip Irrigation System]
740, Water street, Water town, NY 13601
iii) Cascade Specialities Inc. [Onion Dehydration]
  21$QZ%CUECFG9C[$QCTFOCP1TGIQP75#
iv) White Oaks Frozen Foods [Food Processing]
   %QQRGT#XG/GTEGF%#75#
v) NuCedar Mills, Inc. – [Plastic Building Products]
1000 Sheridan St. Chicopee, MA 01022.
vi) Sleaford Quality Foods Ltd. [UK] [Canned & Dehydrated Food]
  9QQFDTKFIG4QCF'CUV4QCF+PFWUVTKCN'UVCVG5NGCHQTF.KPEQNWUJKTG0):Ţ7-
vii) Jain Sulama Sistemleri Sanayi Ve Ticaret [Turkey – Adana Plant] [Drip & Sprinkler Irrigation]
Sabanci organize sanayi bolgesi, Ataturk, Bulvari, No. 48, Adana
viii) THE Machines SA [Switzerland] - [Driptube and Pipe Manufacturing Equipment]
Rue de I’industries 5, CH-1462 YVONAND, Switzerland
ix) Pro Tool AG [Switzerland] [HiTec Injection Molds & Hortunner Systems]
  $GTPUVTCUUG%*9[PCW5YKV\GTNCPF
x) Excel Plastics Ltd.
   &GTT[+CXKP-KPIUEQWTV4QCF
4%CTTKEMOCETQUU%QWPV[/QPCIJCP+TGNCPF
xi) NaanDanJain Irrigation System Ltd. [Israel] [Drip & Sprinkler Irrigation]
 2QUV0CCP+UTCGN
 2QUV&CP+UTCGN
xii) NaanDan Do Brasil Participacoes Ltd. [Brazil] [Drip & Sprinkler Irrigation]
 0CCP&CP,CKP$TCUKN+PFWUVTKC'%QOGTEKQ&''SWKRCOGPVQU2CTC+TTKICECQ.VFC
 %02,#X(GTFKPCPFQ/CTEJK&KUVTKVQ+PFWUVTKCN.'/'52%'2$TC\KN
xiii) NaanDanJain Iberrica S.C. [Spain] [Drip & Sprinkler Irrigation]
0CCPFCP,CKP+DGTTKEC5.72+.#4GFQPFC%:+8015#06#/#4+#&'.#)7+.#'.'&+,1Ţ#./'4+#
5RCKP6'.(#:
xiv) Gavish Control System
 )KXCV$TGPPGT+UTCGN
 6GN (CZ 'OCKNKPHQ"ICXKUJQTIKN
xv) Dansystems S.A. [Chile]
Carretera Gral San Martin 16.500 Sitio 31, Loteo Los Libertadores Colina, Santiago Chile

Declaration from the Managing Director

(Under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To,
The Members of Jain Irrigation Systems Ltd.,
As provided under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board members and the
UGPKQTOCPCIGOGPVRGTUQPPGNQHVJG%QORCP[JCXGCHƒTOGFEQORNKCPEGYKVJVJG%QORCP[ŦUEQFGQHEQPFWEVHQTVJG[GCT
ended 31st March 2017.
For Jain Irrigation Systems Limited
Sd/-
Date : 14th August, 2017 Anil B. Jain
Place : Mumbai Vice Chairman and Managing Director

153
 Jain Irrigation Systems Ltd.

Independent Auditor’s Certificate on Compliance

with the Corporate Governance requirements
(under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To The Members of
Jain Irrigation Systems Limited
 6JKU%GTVKƒECVGKUKUUWGFKPCEEQTFCPEGYKVJVJGVGTOUQHQWTGPICIGOGPVNGVVGTFCVGF1EVQDGT
2) We have examined the compliance of conditions of Corporate Governance by Jain Irrigation Systems Limited (‘the
Company’),for the year ended on 31st March 2017, as stipulated in Regulations 17 to 27 and Clauses (b) to (i) of regulation
46 (2) and paragraphs C, D and E of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (“Listing Regulations”).
Management’s Responsibility
3) The Management is responsible for ensuring that the Company complies with the conditions of Corporate Governance.
This responsibility also includes the design, implementation and maintenance of internal controls and procedures to
ensure compliance with the conditions of the Corporate Governance stipulated in the Listing Regulations.
Auditor’s Responsibility
4) Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring
the compliance of the conditions of the Corporate Governance.
5) We have examined the books of account and other relevant records and documents maintained by the Company for the
purpose of providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.
 9GEQPFWEVGFQWTGZCOKPCVKQPKPCEEQTFCPEGYKVJVJG)WKFCPEG0QVGQP%GTVKƒECVKQPQH%QTRQTCVG)QXGTPCPEGKUUWGFD[
VJG+PUVKVWVGQHVJG%JCTVGTGF#EEQWPVCPVUQH+PFKC
ũ+%#+ŪVJG5VCPFCTFUQP#WFKVKPIURGEKƒGFWPFGT5GEVKQP
QH
VJG%QORCPKGU#EVKPUQHCTCUCRRNKECDNGHQTVJGRWTRQUGQHVJKUEGTVKƒECVGCPFCURGTVJG)WKFCPEG0QVGQP4GRQTVU
QT%GTVKƒECVGUHQT5RGEKCN2WTRQUGUKUUWGFD[VJG+%#+YJKEJTGSWKTGUVJCVYGEQORN[YKVJVJGGVJKECNTGSWKTGOGPVUQHVJG
Code of Ethics issued by the ICAI. We have not performed an audit, the objective of which would be the expression of an
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7) We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
HQT(KTOUVJCV2GTHQTO#WFKVUCPF4GXKGYUQH*KUVQTKECN(KPCPEKCN+PHQTOCVKQPCPF1VJGT#UUWTCPEGCPF4GNCVGF5GTXKEGU
Engagements issued by ICAI.
Opinion
8) Based on our examination, as above, and to the best of the information and explanations given to us and representations
provided by the Management, we certify that the Company has complied with the conditions of Corporate Governance as
stipulated in regulations 17 to 27 and Clauses (b) to (i) of regulation 46 (2) and paragraphs C, D and E of Schedule V of the
Listing Regulations during the year ended 31st March 2017.
 9GHWTVJGTUVCVGVJCVUWEJEQORNKCPEGKUPGKVJGTCPCUUWTCPEGCUVQVJGHWVWTGXKCDKNKV[QHVJG%QORCP[PQTVJG
GHƒEKGPE[QTGHHGEVKXGPGUUYKVJYJKEJVJG/CPCIGOGPVJCUEQPFWEVGFVJGCHHCKTUQHVJG%QORCP[
Restriction on Use
6JGEGTVKƒECVGKUCFFTGUUGFCPFRTQXKFGFVQVJGOGODGTUQHVJG%QORCP[UQNGN[HQTVJGRWTRQUGVQGPCDNGVJG%QORCP[
to comply with the requirement of the Listing Regulations, and it should not be used by any other person or for any other
purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other
RGTUQPVQYJQOVJKUEGTVKƒECVGKUUJQYPQTKPVQYJQUGJCPFUKVOC[EQOGYKVJQWVQWTRTKQTEQPUGPVKPYTKVKPI

For Haribhakti & Co. LLP

Chartered Accountants
ICAI Firm Registration No.103523W/W100048
Sd/-
Snehal Shah
Date : 14th August, 2017 2CTVPGT
2NCEGMumbai /GODGTUJKR0Q

154
Annexure IV
Management Discussion and Analysis
Late Shri Bade Bhau, our Founder, believed that a Company
is made by its people and for us, the people are not only
our associates but the stakeholders, partners and farmers.
If we keep everyone together and value their contribution
to our Company, we are going a long way. And we have a
new generation of talent that breathes and lives this legacy
passed on by our Founder. Each a true owner of their work
and a guardian of the DNA of the organisation. We think
micro-level, even in our commitment.
In our journey so far, we have realised that there’s no single
parameter for success. We measure success through the
lands we reach, the paths we break, the values we carry
and the lives that we inspire. Our success story involves
the success of many people together. Which is why, when
we look to the future, we keep everyone in mind and create
shared value.
Overall Economic Scenario
The Indian economy has advanced at the rate of 7.1% during
FY 2017. However, the Agricultural Growth of the country
for FY 2017 was 4.1% as compared to 1.2% of FY 2016, as a
result of good monsoon. In a surprising move Government
of India had announced withdrawal of high-value currency
on 8 November, 2016, the full economic impact of which
is yet to be thoroughly ascertained. Demonetisation has
had short-term costs in the form of slow growth but holds
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include reduced corruption, greater digitalisation of the
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formalisation of the economy, all of which could eventually
lead to higher GDP growth, better tax compliance and
greater tax revenues. The Asian Development Bank (ADB)
in April, 2017 said India’s economy is set to grow at 7.4% in
Financial Year 2017-18 against 7.1% the Previous Year, on
the back of a pick-up in consumption demand and higher
public investment. IMF’s projection makes India the fastest
growing major economy in 2016-17, with China estimated
to have grown at 6.7% during 2016. China’s economy
is expected to steadily slow down to 6.6% in 2017 and
6.2% in 2018 due to the “complex process of rebalancing”
by reorienting demand from exports and investment &
consumption. Further, GST implementation is also believed
to be a short term disruptive force but is going to result in
good growth going forward. The GST will create a common
Indian market, improve tax compliance and governance,
and boost investment and growth; it is also a bold new
experiment in the governance of India’s cooperative
federalism.
Global growth has been raised marginally to 3.5% in
FY 2017 from the January 2017 estimate of 3.4% due
to a “long-awaited cyclical recovery in investment,
manufacturing and trade” that may take it to 3.8% by 2022,
driven by an “acceleration of activity in India resulting from
the implementation of important structural reforms, and a
successful rebalancing of China’s economy to lower, but
still high, trend growth rates.”
The outlook said India’s economy has grown at a strong
pace in recent years owing to the implementation of critical
structural reforms, favourable terms of trade, and lower
external vulnerabilities.
Parameter 2016-17 2015-16
GDP Growth % 7.1 7.6
CPI inflation (Average, %) 4.7 5.7
10-year G-sec (Year-end, %) 6.5 7.1
` / US$ (Year-end) 64.8 66.3
Fiscal Deficit (as a % of GDP) 3.5 3.9
1) Overview of Business
Jain Irrigation Systems Limited (JISL) is the flagship
Company with operating subsidiary companies (Including
fellow subsidiaries) and diverse businesses across the
globe and aggregate revenues of over ` 69 billion. The
Company is a leading agribusiness enterprise, present
in the entire value chain. It is the second largest micro
irrigation Company globally, and is the largest manufacturer
of micro irrigation systems in India. It is also the largest
manufacturer of Mango pulp, puree and concentrate in the
world, and the third largest manufacturer of dehydrated
onions. JISL is also India’s largest manufacturer of
polyethylene pipes, leading PVC pipe manufacturer, and
is also the world's largest manufacturer of Tissue Culture
banana plants in the world. The Company is additionally
into hybrid & grafted plants; greenhouses, poly and shade
houses, bio- fertilizers, biogas and green energy (solar),
solar water heating systems, solar panels, solar water
pumps and plastic sheets. Many of it's plants are ISO 50000
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requirements. JISL renders consultancy for complete or
partial project planning and implementation, e.g. watershed
or wasteland and/or crop selection, and rotation. Over the
preceding few years, the Company has concluded a few of
acquisitions and merged some companies. Last year the
Company separated its food business. All acquisitions and
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the business and increase reach in every segment. The
acquired companies have done well within 3 to 5 years
after acquisition and are performing well in the countries
where they operate.
Each of the Company's products is an outcome of an
effort to conserve nature’s precious resources, through
substitution or value addition. This is the legacy of a
deliberate and conscious endeavour that stems from a
deep-rooted concern for nature with a consistent focus for
development and growth of agriculture, resulting in higher
income for farmers.
155
 Jain Irrigation Systems Ltd.
2) Corporate Structure
A) Indian Subsidiaries
a) Jain Farm Fresh Foods Ltd., India (“JFFFL”)
The Company has been incorporated in April-2015
and is owned to the extent of 88.81% by JISL India
& JPFTIPL. JISL has sold “Indian Food Business”
to JFFFL by way of slump sale including all assets,
liabilities, employees, customers, IP, brands, etc.
Effective date of slump sale was March 31st, 2016
(Close of business hours). Revenue of the Company
is `8,098.08 million during the FY 2016-17 on
standalone basis.
Revenues from domestic business of the Company
JCXGKPETGCUGFD[KPƒUECN[GCTCV` 3,325
million from `  OKNNKQP KP ƒUECN [GCT 6JG
revenues from exports have decreased by 12.8% in
ƒUECNCV` 4,773 million from ` 5,475 million in
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Dehydrated Onions
Since the Company has separated the Food Business
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reported revenue of ` 2,803 million, reporting a 0.7%
growth, during FY 2017.
Fruit processing
Since the Company has separated the Food
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The business reported revenue of ` 5,291 million,
reporting a 8.2% degrowth. It has also maintained
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food business.
b) Jain Processed Foods Trading & Investments
Pvt. Ltd., India (“JPFTIPL”)
It is a wholly owned subsidiary of the Company.
JPFTIPL holds 74% share of Driptech India Pvt. Ltd.
& 7.16% share in JFFFL. Revenue of the Company
has increased by 241% from ` 1.03 million by trading
activity during the year 2015-16 to ` 3.50 million in FY
2016-17.
c) Driptech India Pvt. Ltd., India
It is owned to the extent of 74% share by JPFTIPL
and 1% share by the Company directly. The Company
produces affordable, high-quality irrigation systems
designed for small-plot farmers. The Company caters
both to domestic and international markets. Revenue
of the Company has increased by 33% from ` 44.47
million in FY 2015-16 to ` 59.10 million in FY 2016-17.
B) Operating Subsidiary Companies
a) Sleaford Quality Foods Ltd., UK (“SQF”)
It is based in Sleaford town in Lincolnshire County
in the East Midlands region of England. Primary
nature of its business is blending, repacking, trading
& distribution of food ingredients. The sales of the
Company increased by 10% from GBP 50.09 million
in FY 2015-16 to GBP 55.14 million in FY 2016-17.
156
b) Ex-cel Plastics Ltd., Ireland (“EPL”)
The Company is wholly owned subsidiaries through
Jain (Europe) Ltd., The Company is engaged in
manufacturing of Plastic Sheets. The sales of the
Company increased by 14% from EUR 16.43 million
in FY 2015-16 to EUR 18.66 million in FY 2016-17.
c) Cascade Specialties Inc. USA (“CASCADE”)
(Including White Oak Frozen Foods)
It is a wholly owned subsidiary of the Company
through Jain America Foods Inc., USA (Erstwhile
Jain (Americas) Inc.). It is engaged in onion, garlic
dehydration and frozen foods business with
specialization in natural low bacteria and organic
dehydrated products. The sales of the Company
increased by 11% from US$ 42.70 million in FY 2015-
16 to US$ 47.23 million in FY 2016-17.
d) Jain Irrigation Inc.,USA (“JII”)
(Including Chapin Watermatics Inc., Point Source
Irrigation Inc., Jain Agricultural Services.-erstwhile
PureSense Environment, Inc.& JIIO-erstwhile Jain
Irrigation Inc. California) and a new Company Jain
Agriculture Services Australia Pty Ltd was formed
in February 2017, for the purpose of purchasing the
assets of Observant Pty Ltd, an Australian Company.
Jain Agriculture Services Australia Pty Ltd is owned
100% by Jain Agriculture Services, LLC, USA which
is owned 100% by Jain Irrigation, Inc. The Company
is engaged in the business of hardware and software
development for farm weather management. These
are wholly owned subsidiaries of the Company through
the Jain America Holdings Inc. Jain Irrigation Inc. is
engaged in drip tape manufacturing and distribution
business. Jain Agricultural Services sells a moisture
monitoring system for agricultural use. The products
include both hardware and monitoring systems on
a subscription basis. The sales of the Company
marginally declined by 4% from US$ 75.65 million in
FY 2015-16 to US$ 72.86 million in FY 2016-17.
e) NaanDanJain Irrigation Ltd., Israel (“NDJ”)
Israel is a wholly owned subsidiary of the Company
through the Jain (Israel) B.V. & Jain Overseas B.V.It
is engaged in the manufacturing of drip / sprinkler
irrigation. NaanDanJain has manufacturing facilities
in Israel, Chile, Brazil, Turkey and Spain. During the
year Company has acquired Jain Sulama, Turkey
from Jain Overseas B.V. The sales of the Company
increased by 5% from ILS 518.73 million in FY 2015-
16 to ILS 545.28 million in FY 2016-17.
f) Gavish Systems Ltd., Israel (“GAVISH”)
It is owned to the extent of 51% through the Jain
(Israel) B.V. It is engaged in the manufacturing of
software and computer equipment for agriculture
applications. The sales of the Company increased by
46% from ILS 4.24 million in FY 2015-16 to ILS 6.20
million in FY 2016-17.
g) THE Machines Yvonand SA, Switzerland (“THE”)
It is a wholly owned subsidiary of the Company
through the JISL Systems SA. It is a Switzerland
 based manufacturing of conceives, builds and
develops lines and Precision machines and complete
production line for drip irrigation and precision and
welding lines for global customer base. The sales
of the Company increased by 23% from CHF 11.90
million in FY 2015- 16 to CHF 14.64 million in FY
2016-17.
h) Pro Tool AG, Switzerland (“PRO TOOL”)
It is a Switzerland based manufacturing and
developing mods for plastic moding, engineering
and tooling. The Company is owned to the extent of
75% through the THE Machine SA.The sales of the
Company increased from CHF 2.18 million in FY
2015-16 to CHF 2.71 million in FY 2016-17.
i) Excel Plastic Piping Systems SAS, France (“EPPL”)
It was formed in March 2017, for the purpose of
purchasing the assets of Unistar Europe, France.
Excel Plastic Piping Systems SAS is owned 100% by
Jain (Europe) Ltd., UK. The Company is engaged in
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countries worldwide.
C) Overseas Marketing Companies
a) Jain (Europe) Ltd., UK (“JEL”)
It is a wholly owned subsidiary of the Company and
was incorporated in 1996, under English laws. Jain
(Europe) Ltd. is our key marketing and distribution
arm in the UK and other European countries. The
sales of the Company declined by 64% from GBP
21.79 million in FY 2015-16 to GBP 7.86 million in FY
2016-17 primarily due to shifting of Food business to
Jain International Foods Ltd., UK.
b) Jain International Foods Ltd., UK (“JIFL”)
[Erstwhile SQF 2009 Ltd.]
It is a wholly owned subsidiary of the Jain Farm Fresh
Foods Ltd., India and incorporated under English
laws. As a part of Food business restructuring Jain
Farm Fresh Foods Ltd., India (“JFFFL”) has acquired
JIFL from Jain (Europe) Ltd., UK. and further Food
marketing business of JEL has been transferred
to JIFL. Its Sales for the year 2016-17 is GBP 24.89
million.
c) Jain America Foods Inc., USA (“JAF”)
[Erstwhile Jain (Americas) Inc.]
It is a wholly owned subsidiary of the JIFL and was
incorporated in 1994, under the laws of Ohio, USA. It is
our key marketing, distribution and investment arm in
the United States for Food business. The sales of the
Company increased many fold from US$ 4.07 million
in FY 2015-16 to US$ 16.92 million in FY 2016-17.
d) Jain America Holdings Inc., USA (“JAH”)
It is a wholly owned subsidiary of the Company and
was incorporated in February 2016, under the laws of
Delaware, USA. It is now our key marketing, distribution
and investment arm in the United States for Plastic
sheet business. The sales of the Company increased
from US$ 1.73 million in FY 2015-16 (one month) to
US$ 14.89 million (12 months) in FY 2016-17.
D) Overseas Holding Companies
a) JISL Overseas Ltd., Mauritius (“JISO”)
It is a wholly owned subsidiary of JISL India and was
incorporated in 1994 under the laws of Mauritius.
JISO acts as a Holding Company for the UK and USA
based overseas subsidiaries. It holds 54.53 % in Jain
(Europe) Ltd., and 69.45% in Jain America Holdings
Inc., USA. Its total income includes interest income
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US$ 5,187 in FY 2015-16.
b) Jain International Trading B.V., Netherland
(“JITBV”)
It is a wholly owned subsidiary of JISL India and
was incorporated in March 2010 under the laws of
Netherland. It holds 45.47 % in Jain (Europe) Ltd., and
30.55% in Jain America Holdings Inc., USA. JITBV had
a net loss of US$ 1,277,896 in FY 2016-17 against net
loss of US$ 464,255 in FY 2015-16 mainly on account
of interest payable on Bond funds. It recently made a
US$ Bond Issue of $ 200 million.
c) Jain Overseas B.V., Netherland (“JOBV”)
It is a wholly owned subsidiary of the Jain International
Trading BV, Netherlands and was incorporated under
the laws of Netherland. It is in Business since 2007.
JOBV has a net loss of US$ 327,652 in FY 2016-17
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primarily on account of higher interest payable during
the year to Parent Company / related parties on funds
borrowed. Also earlier there was a dividend income
from JISL Global SA in FY 2015-16.
d) Jain (Israel) B.V. Netherland (“JIBV”)
It is a wholly owned subsidiary of the Jain Overseas
B.V., Netherlands and was incorporated under the
laws of Netherland. It is in Business since 2007. JIBV
had a net loss of US$ 2,496,552 in FY 2016-17 against
net loss of US$ 1,797,939 in FY 2015-16 primarily on
account of higher interest payable during the year to
Parent Company / related parties on funds borrowed.
e) JISL Global SA, Switzerland (“JGSA”)
It is a wholly owned subsidiary of the Jain Overseas
B.V., Netherlands and was incorporated under the
laws of Switzerland. It is a Holding Company since
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f) JISL Systems SA, Switzerland (“JSSA”)
It is a wholly owned subsidiary of the JISL Global SA.,
Switzerland and was incorporated under the laws of
Switzerland. It is in Business since 2007. JSSA had a
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of CHF 730,348 in FY 2015-16.
157
158
Corporate Structure
Jain Irrigation Systems Ltd., India (in Business since 1987)

100% 100% 100%

Jain Processed Foods Trading & 7.16% 81.65%
JISL Overseas Ltd., Mauritius Jain International Trading BV., Netherlands
‘‘ Offshore Holding Company’’ ‘‘ Offshore Holding Company‘‘ Investments Pvt. Ltd. Jain Farm Fresh Foods Ltd.
(in Business since 1994) (in Business since 2010) (Incorporated in 2015) (Incorporated in 2015)
Jain Irrigation Systems Ltd.

69.45% 30.55% 54.53% 45.47% 100% 100% 75% 100%

Jain America Holdings Inc., Delaware, USA Jain Europe Ltd., UK Jain Overseas BV., Driptech India Pvt. Ltd. Jain International Foods
Jain MENA DMCC, Dubai
Overseas Marketing Arm(in Business since 2016) Overseas Marketing Arm Netherlands Micro Irrigation Systems Ltd., UK
Overseas Marketing Arm
(Acqired Non-Food Business from JAI, USA [currently JAF, USA] (in Business since 1996) Offshore Holding Company Acquired in 2015 (Erst. SQF 2009 Ltd., UK)
(Incorporated in 2017)
w.e.f.01-03-2016) (in Business since 2007) (Incorporated in 2012)

100% 100% 100% 100% 100% 100%

Jain Distribution Holdings
Inc., USA
(Incorporated in 2017 )
EX-CEL Plastic Piping Systems
Jain Irrigation inc.,
SAS, France
Delaware
Trading in Piping Products
Micro Irrigation System
(Incorporated in 2017 )
Sleaford Food Group Ltd., UK Jain America Foods Inc., Ohio,
EX-CEL Plastics Ltd., Ireland
USA
Plastic Sheet Products Indulge in Food Ingredients Business
Overseas Marketing Arm
(Incorporated in 2013 ) (since 2009)
(Erst. Jain (Americas) Inc.)

100% 100% 100%

80% 80% 100% 100% JISL Global SA., Switzerland Jain (Israel) BV., Netherlands Cascade Specialities Inc., Oregon
Jain Agricultural (Erstwhile JISL A.G., Switzerland) Holding Company Dehydrated Products
Agri-Valley Irrigation Design Point Source Irrigation Acquired in 2007 (in Business since 1993)
Services, USA Holding Company Since 2007 (in Business since 2007)
Irrigation LLC., USA and Construction Inc., USA (Including assets purchase from White Oak
Micro Irrigation LLC., USA (Erstwhile PureSense
Micro Irrigation System Environmental Inc.) Irrigation Frozen Foods, USA in May 2012)
System Micro Irrigation Acquired in 2010 (in Control System Equipments 100%
Acquired in 2017 System Business since 1999) Acquired in 2015
Acquired in 2017 JISL Systems SA.,Switzerland
(Incorporated in 2015) Holding Company 51% 94.90% 5.10% 99.96% 0.04%
(in Business since 2007)
Gavish Control System Ltd., NaandanJain Irrigation Ltd., Jain Irrigation Holding
Israel Israel Inc.,Delaware
100% 100% Micro Irrigation System Micro Irrigation System Holding Company
Acquired in 2014 Acquired in 2007 (in Business since 2007)
Jain Agriculture Services Australia THE Machine SA., Switzerland
(in Business since 1980) (in Business since 1937)
Pty. Ltd., Australia Equipment Manufacturer
Irrigation Monitoring and Control System Acquired in 2008
(Incorporated in 2017) (in Business since 1984)
100%
75%
JIIO, California
PRO - TOOL A.G. Switzerland Micro Irrigation System
Engaged in Mould Making Activities (in Business since 1960)
Acquired in 2011,
(in Business since 1995 )
3) The Strategy
A new business model had been launched in 2011-12 for the
Company's primary business of micro irrigation systems
(MIS). The Company's objective is to leverage it's strengths
to continue to expand it's business in long term as well as in
the short to medium term. The Company intends to be the
best water, food & natural resource management Company
while creating value in the entire agriculture chain.
The principal elements of our current strategy are:
a) Expand the geographic markets and product
offering
The Company plans to continue to expand the geographic
reach of its operations in India and overseas. While sales
of the MIS products and piping systems in India have
historically been focused primarily in the Western and
Southern parts of the country, the Company intends to
increase its sales in other regions through expanding
the reach of its distribution network and leveraging the
existing marketing capabilities. In addition, the Company
intends to continue expanding its capabilities to provide
integrated irrigation solutions and turnkey services and
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by anticipated increases in infrastructure spending by
governments in India and abroad. The Company also
intends to continue to expand its sales of MIS products
and expand the sales of solar pumping systems into
Africa geographies which the Company believes
provide attractive opportunities for growth. By further
diversifying the revenue stream geographically, the
Company believes that they will reduce concentration
risks, such as foreign exchange related risks, weather
and crop-related risks and economic risks.
The Company also intends to capitalize on growth
opportunities and further strengthen its market position
through the expansion of its product offering. It intends to
leverage its R&D capabilities to diversify the application of
the MIS products in India, with staple crops even though
currently primarily concentrated in sugar cane, cotton,
vegetables and fruits, to applications for wheat and rice.
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opportunity for horizontal expansion to increase the sales
of it's MIS products. It's subsidiary Jain Farm Fresh Foods
Ltd. also intends to expand its processed fruit products
offering by commencing the manufacture of processed
citrus pulps and concentrates. In addition, Jain Farm Fresh
Foods Ltd. also plans to commence the manufacture of
processed spices made from turmeric, chili, pepper and
ginger for both the wholesale and retail markets, in export
markets to start with but later in India also.
In order to bolster the manufacturing capabilities in
India, JISL intends to develop an integrated agriculture
and horticulture park in Andhra Pradesh, which is
expected to comprise manufacturing and R&D facilities
for MIS products, cultivated tissue culture plants and
Jain Farm Fresh Foods Ltd's agro-processed products.
In addition, Jain Farm Fresh Foods Ltd. has entered
into a memorandum of understanding with Hindustan
Coca-Cola and the state government of Maharashtra
for the development of a manufacturing facility to
produce orange juice and orange juice concentrates and
a nursery to cultivate orange plants. The Company plans
to commence development of these projects in 2017-18.
In addition, it intends to maintain its position as a leading
agricultural technology player. The Company intends
to develop its current portfolio of high technology
irrigation monitoring devices and software products to
add features which enable data collection, processing
and analysis which the Company intends to sell as
a service to its customers. It believes these services
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optimize planting strategies to improve production, cut
operational costs and minimize environmental impact.
b) Expand the retail product portfolio
The Company's subsidiary Jain Farm Fresh Foods
Ltd. intends to expand the retail product portfolio
of agro-processed products in order to capture
opportunities to produce value added products.
It intends to commence the production of processed
fruit snacks in India under an in-house brand. The
Company intends to use the processed fruit pulps that
it produces as raw materials for the manufacturing of
such value added processed fruit snacks. In addition,
Jain Farm Fresh Foods Ltd. is currently conducting trials
for the introduction of retail fruit juice vending machines
with a leading fast-moving consumer goods Jain Farm
Fresh Foods Ltd. Again Jain Farm Fresh Foods Ltd.
intends to use the processed fruit pulps that it produces
as raw material for the manufacturing of such fruit juice.
Jain Farm Fresh Foods Ltd. also intends to introduce
additional retail processed fruit products, such as frozen
fruit puree made from jamun, strawberry and guava as
well as ready-blend spices.
c) Implement prudent financial strategy
The Company seeks to optimize its capital structure by
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funding sources. In addition, it intends to reduce the
working capital requirements by continuing to implement
the cash and carry policy for the sales of MIS products to
dealers in India, which it is expected will reduce the gross
credit days for the sales of MIS products. The Company
also intends to leverage its relationship with SAFL, an
associate Company, to bolster the liquidity position, as
SAFL expands its operations in the extension of credit
to the Company’s customers, providing upfront cash for
the purchases of its products. The Company expects
these measures to increase its free cash flow, enabling
it to better pursue the development of the business.
d) Pursue merger and acquisition opportunities
that are in line with our vision and strategic
objectives
An experienced management team of the Company
monitors markets and taps their broad business networks
for potential merger and acquisition M&A opportunities
VJCVƒVVJGXKUKQPOKUUKQPCPFUVTCVGIKEQDLGEVKXGU6JG
159
 Jain Irrigation Systems Ltd.
Company plans to prudently and selectively pursue
strategic M&A opportunities that will allow it to expand
and/or complement its current portfolio of products,
marketing capabilities and geographical footprint. In
evaluating potential M&A opportunities, It will consider
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attractiveness of the M&A opportunity, the value to be
created by such M&A opportunity, the capabilities of the
target’s management team, the scope of organic growth
that it can achieve through such M&A, and its targeted
internal rate of returns that it aims to realize in making
such investments.
4) Competitive Strengths
The Company believes that the following are their
principal competitive strengths;
a) Integrated products and solutions across an
extended value chain
The Company provides total solutions to farmers to
enhance their productivity and yield by leveraging its
expertise in agriculture and relationships with the various
stakeholders. In addition, the breadth of its product
offerings enables it to provide integrated solutions which
are customized to the needs of its customers. Its MIS
products, solar pumping systems and piping systems
provide integrated irrigation solutions which are essential
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provides cultivated tissue culture plants which aid the
cultivation of crops by farmers by reducing growing
time and creating higher crop yields. The Company
undertakes integrated irrigation projects to large farming
communities and provide turnkey services for the
construction of piping systems which utilize its MIS and
piping systems products. Furthermore, the Company
also manufactures capital machinery and equipment
for the production of irrigation and other products. In
addition, the Company bolsters the marketing of its hi
tech agri input products by offering fee-based advisory
services such as agricultural consultancy, training,
agronomy services, surveys and analysis of water and
soil samples. Through its strategic relationship with
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sales of its MIS products to end customers.
Furthermore, the Company is committed to provide end-
to-end total solutions for farmers in India to enhance
their management of irrigation, soil and crops and
farming cultivation and operations. The Company’s
“Jain Self Sustaining Agricultural Development Cycle”
business model, which has evolved over a period of 50
years, is a farmer-centric business model encompassing
the manufacturing and marketing of high technology
agricultural products and related services. This business
model aims to improve productivity, save input costs and
optimize resources for farmers through the provision of
agronomic support, knowledge and the creation of value
through the processing, marketing and distribution of
agricultural produce. For instance, JISL and Hindustan
Coca-Cola have undertaken Project Unnati under which
160
they are jointly promoting the application of ultra-high
density plantation (UHDP) techniques amongst mango
farmers in India in order to increase the utilization of
available farmland and thereby improve yield. The
Company also develops varieties of high yielding and
hybrid onion seeds which it sells to farmers with whom
it has purchase arrangements. In addition, it's business
positions it as an end customer to certain farmers.
For example, it purchases onions, tomatoes and other
vegetables for the manufacturing of its dehydrated
onion and vegetable products, and mangoes and other
fruits for its manufacturing of processed fruit products.
b) Leadership in each of the markets in which it
operates
The Company is among the market leaders in each of
the markets in which it operates. In addition, as one
of India’s leading high technology agricultural solution
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mover advantage in the markets in which it operates.
The Company has won the APEDA Golden Trophy for
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position as the largest exporter of processed fruits
and vegetables in India. In addition, it is one of the
major players in the MIS and agriculture PVC pipes
and the HDPE pipes segments. The Company believes
its leadership position provides it with leverage with its
customers, dealers, suppliers and other stakeholders,
thereby helping them strengthen the recognition and
appeal of its products, brands and preserve the margins.
In addition, the Company believes its leadership position
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creditors and investors, which allows them to access
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c) Diversified revenue base
The Company’s extensive range of product portfolio
and global geographical presence provides it with a
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business segments which offer an extensive product
portfolio. The Company’s hi-tech agri input products
segment comprises of MIS products, solar pumping
systems, integrated irrigation projects, cultivated tissue
culture plants, precision farming products and advisory
services. Its Plastic Products segment comprises of
Piping systems, PVC sheets and Turnkey services
The Company’s Agro-Processed products segment
comprises of Dehydrated Onion and Vegetable products,
Processed Fruit products and Biogas Power generation
The Company’s Solar segment provides solar pumps,
solar PV module, solar power, solar thermal systems and
solar appliances. The Company believes its extensive
product portfolio has allowed it to maintain a well
balanced operating revenue stream without excessive
reliance on a single product.
 +PCFFKVKQPVJG%QORCP[DGNKGXGUKVUFKXGTUKƒGFRTQFWEV
portfolio provides a robust platform of products and
services that seek to address pertinent global issues
 such as food and water security and the effects of
climate change. With a sales presence in approximately
120 countries, including its warehouses and sales
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positioned to increase the market share of its products.
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footprint, with India, Europe, the United States and the
rest of the world. The Company believes its geographic
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weather or other conditions in any single region. The
diversity of its business across geographies also
provides a range of expansion opportunities across
major agro-climatic regions around the world.
d) Extensive manufacturing, marketing, sales
and distribution platform
The Company believes its large capacity manufacturing
facilities provide it with economies of scale.
The Company believes it is able to realize such
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expenses over a large amount of products which reduces
it’s per unit cost of production. In addition, the Company
believes the scope of its manufacturing capacity allows
it to meet the demand for most of its products without
the need of making substantial capital expenditures. The
Company currently has the capacity to produce 233,030
tons of MIS products, 392,660 tons of Plastics products,
and 90 million cultivated tissue culture plants per year.
The Company believes it has demonstrated a strong
track record of operating large-scale manufacturing
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geographies. In addition, the Company believes that
the manufacturing facilities that it operates across the
globe provide a strong platform for further expansion of
its distribution network.
The Company’s extensive network of dealers in India
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it believes its competitors cannot easily replicate.
The Company has more than 7,000 dealers in India
who market its hi-tech agri input products and plastic
products to end customers, approximately two-thirds of
which market such products on an exclusive basis. Most
of these dealers come from farming backgrounds and
have deep relationships in the farming communities in
which they operate. In addition, such dealers are primarily
located in rural areas placing them in close proximity to
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Company’s end customers of hi-tech agri input products
and plastic products. The Company believes its strong
local sales force gives it a deep understanding of the
needs of its end customers in India and assists them
in providing strong after-sales support and sharing its
knowledge with its end customers. The Company also
has a pool of approximately 1,364 agricultural scientists,
technicians and engineers in India, they provide
agricultural and infrastructure solutions to its customers
which allows them to customize the application of its
products in accordance with its customers’ needs.
The Company’s international marketing, sales and
distribution platform is comprised of approximately
4,028 distributors and customers, 130 sales managers
and 66 agents located in North America, Europe, South
America, Asia, Australia and other locations. In addition,
it operates 18 manufacturing facilities outside of India
located in four continents, namely Europe, North America,
South America and other parts of Asia. The Company’s
international footprint includes sales operations in the
United States and South America which it believes are
attractive growth markets for the sales of its products.
In addition, the Company believes its international
marketing, sales and distribution platform allows for a
global recognition of its brands and products.
e) Strong R&D capabilities and intellectual
property
The Company has strong competence in R&D in each of
its business segments. The Company focuses its R&D
operations in the development of new products and
improvement of existing products. The Company’s R&D
team is also responsible for developing new and more
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existing production processes. The Company believes
that providing timely and cost-effective improvements
in product quality is a key factor in ensuring customer
satisfaction and retention. The Company has gained
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enabled it to create a portfolio of innovative products.
For instance, the Company's subsidiary JFFFL has the
R&D capabilities to develop agro-processed products for
the retail markets. In addition, it began the production
of irrigation monitoring devices and software, which
monitor and analyze soil moisture, nitrogen, nutrient
and weather conditions, under the “Puresense” brand in
the United States, positioning it as a leading agricultural
technology player in the United States. The Company’s
“Puresense” products provide technology and software
for farmers to monitor irrigation requirements at crop’s
root levels on a real time basis. In addition, the Company
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flow and pattern under the “Genesys” brand. In 2016, the
Company introduced other product innovations such as
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injection machines and water jets. The Company’s
dedication to technological leadership has enabled it to
maintain a long track record of introducing innovative
products.
Company has a portfolio of approximately 610 trademarks
in India, out of which 419 trademarks are registered for
its various products and service lines, including MIS
products and services, piping systems, agro-processed
products, PVC sheets, renewable/green energy systems,
Tissue Culture and other products. Company has
registered 34 trademarks in the United States, and two in
each of Canada and Mexico. Company has also applied
for 105 trademarks for its MIS products, piping systems,
agro-processed products, PVC sheets, renewable/green
161
 Jain Irrigation Systems Ltd.
energy systems, Tissue Culture and other products in
Turkey, out of which Company has received registration
for 101 trademarks. The Company has applied for 64
trademarks for its agro processed products in Middle
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for 41 trademarks received. The Company has 6
registered trademarks in UK. The Company has applied
for 27 Copyrights out of which Company has received
registration for 15 Copyrights. The Company has The
Company has applied for 63 designs of products out of
which Company has received registration for 49 designs.
Company also owns several patents worldwide including
in the United States, Europe, Israel and India, and have
applied for one in Australia. Company has built its patent
portfolio by placing a continuous focus on R&D and
by acquiring R&D-driven companies outside of India
to expand its intellectual asset base.f) Strong product
quality and internal quality controls
The Company has implemented a comprehensive
quality management program and adheres to a strict
quality control system over its entire operations. The
Company believes its strong product quality and internal
quality controls allow it to operate its manufacturing
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have fostered the trust of its customers in the products
that it manufactures. For instance, the Company’s
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allow its product to access export markets. With
respect to its agro-processed products, the Company
also implements “Jain Good Agricultural Practices and
Sustainable Agricultural Codes” to promote traceability,
food safety, worker welfare, hygiene, sanitation as
well as environmental and biodiversity protection,
conservation and enhancement. In addition, the
Company’s manufacturing facilities of MIS products
utilises equipment which automatically rejects defective
products.
g) Experienced board and management team
The Company has a highly experienced management
team with extensive experience and domain knowledge
in each of the segments in which it operates. The
Company’s management team has a demonstrated track
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its respective local management teams. Each of the
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Company due to his or her extensive periods of service.
+PCFFKVKQPVJG%QORCP[DGPGƒVUHTQOVJGUWRRQTVQHKVU
senior management and principal shareholders whom
it believes is committed to the long-term growth and
prospects of the Company. Furthermore, the Company
has experienced senior managers at the regional levels
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respective markets and regions. The Company’s local
management has ownership of day-to-day operational
decisions while being guided by central principles
162
aligned to its vision and strategy. The Company believes
that the strength of its management team combined
with its local management enables it to take advantage
of strategic market opportunities, to make decisions at
the local level quickly and to better serve its customers.
The Company believes that its management team
has been instrumental to its achievement of increase
in operating margins and allowed them to be able to
leverage its long-standing relationships with customers
and distributors to drive revenue growth and win new
and repeat business.
5) Overview of Segments
[A] High-Tech Agri Input Products
This segment comprises of Micro and Sprinkler irrigation
systems and Tissue Culture. Revenues from domestic
sales of our Hi-Tech Agri Input Products increased
by 5.9% in FY 2017 to ` 18,084 million from ` 17,064
million in FY 2016, primarily due to increased sales in
retail business. Exports of Hi-Tech Agri Input Products
have increased by 34.1% at ` 2,130 million from ` 1,588
million as compared to the FY 2016.
a) Micro and sprinkler irrigation
i) Industry
MIS
India has a total geographical area of 328.7 million
hectares. The net area under agriculture is 142.0
million hectares and the gross area under agriculture
is 198.0 million hectares. In comparison, the net area
under irrigation is 65.3 million hectares. As against
this only 8 million hectares is under micro irrigation.
The global micro irrigation system market is one
of the fastest growing segments of the global
agricultural industry. This growth is fuelled by the
Government encouragement for adoption of micro
irrigation system as a regular practice for future
safety due to water scarcity, in order to conserve
natural water resources. The Company is one of
the biggest market players in MIS and enjoys a
dominating position in the present scenario. In India
though fragmented, the industry is in a position to
aid Government programmes like Prime Minister’s
Krishi Sinchai Yojana (PMKSY). The Pradhan Mantri
Krishi Sinchayee Yojana (“PMKSY”) was launched in
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50,000 crore. The major objective of the PMKSY is to
achieve convergence of investments in irrigation at
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irrigation (Har Khet Ko Pani), improve on-farm water
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the adoption of precision-irrigation and other water
saving technologies (more crop per drop), enhance
recharge of aquifers and introduce sustainable water
conservation practices by exploring the feasibility
of reusing treated municipal water for semi-urban
agriculture and attract greater private investment in
precision irrigation system. The scheme also aims at
bringing together concerned ministries, departments,
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engaged in the creation, use, recycling and potential
recycling of water under a common platform, so
that a comprehensive and holistic view of the entire
“water cycle” is taken into account and proper water
budgeting is done for the household, agricultural and
industrial sectors.
ii) Performance
MIS
MIS revenues have increased by 7% as compared to
last year’s level. The monsoon was favourable this
year and it will speed up the business further. The
domestic revenues showed a growth of 5% YoY while
exports increased by 34%. The business contributed
over 48.9% the Company’s total turnover. The division
is in a phase of cautious growth, by change of
business model in the last 3-4 years. The states of
Maharashtra, Andhra Pradesh, and Gujarat continue
to dominate sales of this division. The business
incurred ` 281 million capex during FY 2017.
iii) Opportunity & Outlook
MIS
Micro irrigation has grown steadily over the years
Since 2005, area under MIS has grown at a CAGR
of 9.6%. Geographically, states with the largest area
under MIS include: Rajasthan (1.68 million hectares),
Maharashtra (1.27 million hectares), Andhra Pradesh
(1.16 million hectares), Karnataka (0.85 million
hectares), Gujarat (0.83 million hectares) and
Haryana (0.57 million hectares). Majority of the area
covered under MIS comes under sprinkler irrigation
accounting for 56.4%, and 43.6% under drip irrigation
Area under drip irrigation has shown stronger growth
in recent years, growing at a CAGR of 9.9% from 2012
to 2017 while sprinkler irrigation has grown at a pace
of 6.6% in the same period. Overall, the area under
MIS has grown at a CAGR of 8.0% in this time frame.
Penetration of micro irrigation in states of India varies.
The average penetration at the national level is 5.5%
which is lower than countries like Israel (90%), the
US (55%) and even China (10%). India now has close
to 8 million hectares under micro irrigation. This is
attributed to the large cultivable area and area under
irrigation. The general penetration of micro irrigation
is still very low in India. With half the cultivable land
KPVJGEQWPVT[UVKNNDGKPITCKPHGFVJGTGKUUKIPKƒECPV
potential for promoting micro irrigation on India’s 142
million hectares of arable land.
iv) Risks & Challenges
MIS
The scarcity of a large pool of trained and skilled
people on a continuous basis has been a hindrance for
the industry, we have been working hard on building
up a strong dealer network to cater to this situation
and it seems those efforts are paying off now.
b) Biotech Tissue Culture
i) Industry
At present, there are around 200 commercial tissue
culture companies in India with gross installed
production capacity of about 500 million plantlets
per annum out of which the Company is a leading
one. Banana, Potato, Sugarcane, Apple, Pineapple,
Strawberry, Gerbera, Orchids, Bamboo, Date Palm,
Teak and Pomegranate are some of the major plants
tissue cultured in India. The industry witnesses a
gross installed production capacity of about 500
million plantlets per annum and an actual production
of approximately 350 million plants.
With increasing demand for agricultural, forestry,
plantation and horticulture crops, the demand for
high-quality, high-yielding, disease-free planting
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decades. Plant tissue culture has emerged as an
important biotechnology and commercially viable
tool to multiply elite varieties of high quality, disease
free and high yielding plants rapidly in the laboratory
irrespective of the season of the year.
ii) Performance
This business contributed about 3.4% to the Company's
corporate turnover. The revenues crossed ` 1,310
million a growth of 28.7% YoY. The Company spent
` 104 million on Capex during the year under review.
iii) Opportunity & Outlook
Many State Governments are evincing keen on
promoting tissue culture. The Company is planning
to focus on untapped segment of the markets which
contains big scope for the Company to grow further.
The monsoon was very good this year and this has
helped to boost the demand for the plantlets.
iv) Risks & Challenges
Some of the challenges faced by the industry are short
shelf life and stringent quality requirements. However,
there is need for proper management of operations by
selected alternatives for costly inputs and thrust on
developing indigenous varieties with enhanced traits,
resulting in improvement of sustainability.
[B] Plastic Products
The segment business includes the varied business lines
like PVC Pipe, PE pipes and PVC Sheets for industrial
applications. Revenue from domestic business of our
Plastic division has increased by 10% in FY 2017 to
` 15,110 million from ` 13,731 million in FY 2016. The
revenue from export of Plastic products has decreased
by 34.4% in FY 2017 to ` 1,285 million from ` 1,960
million in FY 2016. The capacity addition during FY 2017
was 13,280 MTpa at a cost of ` 307 million.
a) PVC Piping
i) Indian Industry Scenario
According to experts, the Indian plastic pipes industry
has crossed the worth of ` 220 billion and has been
ITQYKPIKPVJGTCPIGQH%#)4QXGTVJGNCUVƒXG
163
 Jain Irrigation Systems Ltd.
years. The growth has been led by increasing usage
of PVC/CPVC pipes in construction activities, a shift
from the conventional galvanized iron pipes to plastic
pipes, replacement demand, irrigation, and real estate
growth in Tier 2 and 3 cities. It is expected that growth
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years given the Government of India’s emphasis on
housing, sanitation, and irrigation. 70% of the demand
arises from residential use of plastic pipes, and 30%
of the plastic pipe demand comes from commercial
use. Notable trends include new products such as low
noise pipes, septic tanks and column pipes.
ii) Performance
During FY 2017, this business contributed about
21.4% to the Company's turnover. The revenues
remained marginally low at ` 8,267 million as
compared to the last year’s level of ` 8,402 million.
iii) Opportunity & Outlook
The general demand drivers for polymer in India arise
from economic growth, where there is a rising middle
class with higher disposable income, increased
urbanization and brand conscious customers. This
would raise the need for infrastructure, housing,
automobiles and fast-moving consumer goods,
which in turn would require more polymer, a
fundamental material, to be produced in order to meet
these demands. With an increase in infrastructure
development, consumption of PVC in the past 20
years has increased from under 500 kilo tonnes per
annum to over 2,500 kilo tonnes per annum.
b) PE Piping
Additionally, the need for plastic pipes arises from a
natural base demand, accounting for approximately
65%, and a replacement demand, accounting for
approximately 35%. A strong replacement demand
has been seen in the PVC plumbing segment in
the last 10 years. Plastic pipes are fast replacing
conventionally used galvanized iron pipes, as they are
approximately 25% to 30% cheaper, and are durable
with an average life span of 20 to 25 years, whereas
conventional systems tend to corrode over time. West
and South India have large replacement demand, and
there is still strong replacement potential in North
and East India, which could result in strong growth
opportunities for the PVC plumbing pipe players
going forward. In addition, there is strong growth in
the demand for plastic plumbing pipes in residential
areas, commercial zones, for hospitals and for hotels,
partly attributable to construction activities in metro
and Tier 2 cities in the last 10 years. Efforts from
processors to introduce products requiring PVC
RKRGU CPF UVTKPIGPV URGEKƒECVKQPU VQ GPUWTG SWCNKV[
products also promote the use of PVC pipes.
Government of India has announced Smart City
Project to develop 100 cities all over the country
making them citizen friendly and sustainable.
Financial aid shall be given to the select cities to
upgrade the standard of living. Construction work
being undertaken at high level, which will create
massive demand for plumbing systems. Jain’s PVC
164
UDS piping system is the ideal piping solution for all
Underground Drainage and Sewerage requirement
in residential and commercial colonies, townships,
urban and rural sewerage transmission. Jains PVC
UDS Piping systems are manufactured as per major
national & international standards and parameters.
UDS pipes are light in weight, strong, and has
excellent load bearing strength. Pipes are available in
UQNXGPVYGNFCPF'2&/TKPIƒVLQKPVU
The Atal Mission for Rejuvenation and Urban
Transformation scheme (“AMRUT”), aims to provide
basic services, such as water supply, sewerage and
urban transport, to households and to build amenities
in cities to improve the quality of life. Pursuant to a
Financial Year 2009-10 estimate, ` 39.2 trillion is
required for the creation of urban infrastructure,
including ` 17.3 trillion for urban roads and ` 8 trillion
for services, such as water supply, sewerage, solid
waste management and storm water drains. Under
AMRUT, about 500 cities each with populations of
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A strong demand for soil, waste and rain pipes and
drainage pipes is expected in the coming years.
iv) Risks & Challenges
There is a need to keep vigil on the quality of products
being offered in market place since there is cut-throat
competition. A constant fluctuation in prices of Raw
Material is critical and it has a direct effect over the
RTKEGUQHƒPKUJGFIQQFU
i) Industry
The Indian PE pipe market is forecast to grow at
a CAGR of 10.4% from 2017 to 2021. The major
growth drivers for this market are the growth of
government infrastructural spending, increasing
residential and commercial construction, industrial
production, irrigation sector, and replacement of
aging conventional metal pipelines.
ii) Performance
At ` 7,128 million, the business grew by 19.4%; and
was the best performing across the organization in
FY 2017. This business contributed about 18.4% to
the Company’s corporate turnover. The business in
domestic area is primarily catering to infrastructure
sector segments like telecom, gas and pipelines of
YCVGT6JGUGUGIOGPVUUJQYGFCUKIPKƒECPVITQYVJ
iii) Opportunity & Outlook
PE pipe market is expanding owing to increasing
water development infrastructure, increasing
awareness on water conservation and aim to
become 100% open defecation free nation. The
major aim of the government project(s) is to make
sure that every citizen of India has optimum access
to safe and hygienic drinking water. The government
of India has been focusing on providing housing
to each and every citizen of India by 2022. Rise in
 number of houses in the country will increase the
need for constructing pipe infrastructure to transport
water. Central Government introduced ‘Make in India’
initiative on 25th September 2014, the primary goal of
this initiative is to make India a global manufacturing
hub, by encouraging both multinational as well as
domestic companies to manufacture their products
within the country. Make in India has introduced
multiple new initiatives, promoting foreign direct
investment, implementing intellectual property
rights and developing the manufacturing sector.
This initiative has aided the domestic as well as
foreign pipe manufacturing companies through its
easy reforms and regulations to setup businesses in
India. Many irrigation projects and dams are under-
construction to aid the pipe market in India.
Increasing population rate, rising FDI in construction
and development, high investment in improving
gas distribution network and increasing number
of housing units are some other key factors that
may have positive impact on the market creating
additional and replacement demand in the future.
iv) Risks & Challenges
Delay in implementation of projects remains the
major risk faced by the business. Lack of awareness
about quality needs at the customer’s end provide
UKIPKƒECPVEJCNNGPIG#NUQEQPXGTUKQPQH*&2'HTQO
UVGGN QT EQPETGVG UVKNN UQOGVKOGU DGEQOGU FKHƒEWNV
FWG VQ WPYKNNKPIPGUU VQ EJCPIG QNF URGEKƒECVKQP CV
engineering levels, though we are experiencing the
shift of mind-set on large scale now and which is a
positive sign.
c) PVC Sheets
i) Industry
The Company's determined efforts to establish the
concept of “Life Cycle Cost” among the users of PVC
doors and windows is conserving energy, reducing
replacement cost and helping in faster installation.
Governmental guidelines/codes such as “Eco
Homes”, GRIHA code for new buildings, promoting
the “Green Building Concept” and PVC products like
PVC doors can help earn star ratings for the buildings.
ii) Performance
The business contributed about 2.6% to the
Company’s corporate turnover. This business has de-
grown by 24.2% to ` 1,000 million in FY 2017 as major
production lines have shifted to Europe to remain
competitive.
iii) Opportunity & Outlook
This segment has been commercialized and used in
consumer products, industrial products, agricultural
RTQFWEVU CPF EQPUVTWEVKQP 6JG INQDCN RNCUVKE ƒNOU
and sheets market is fragmented and markets such
as North America and Europe are mature. However,
VJG#UKC2CEKƒEOCTMGVUJQYUJWIGRQVGPVKCNVQITQY
The rising disposable income of middle class in India
CPF%JKPC KU GZRGEVGFVQFTKXGVJGRNCUVKE ƒNOU CPF
sheets market in the coming decade. The increasing
demand for PVC sheets in growing economies such
as China, India, Turkey etc. is driving the global market
for PVC sheets.
iv) Risks & Challenges
The threat of substitute products is high in the
market. This is primarily due to the availability of a
large number of substitute products such as glass
and metal.
[C] Others
The Other Division includes Solar Thermal, Solar and
Biogas Power, Solar Water Heating Systems and Other
Agricultural Products. The revenue for the segment for
FY 2017 was recorded at ` 2,031 million as compared
to ` 1,480 million of FY 2016. It contributed 5.3% to the
Corporate Revenue of the Company.
6) Risks and concerns at corporate level
 6JG %QORCP[ JCU UKIPKƒECPV GZRGTKGPEG KP OCPCIKPI
risks related to farming, weather, seasonality, global
markets, currency fluctuation and impact of government
policy. During last few very volatile years, this experience
and expertise has helped the Company to navigate
turbulent times in a smooth manner resulting in
sustained growth, improved margins and increasing
OCTMGVUJCTGFGURKVGJKUVQTKECNƒPCPEKCNOGNVFQYPCPF
violent disruption of all types of global markets.
The risk management, interalia, provides for periodical
review of the procedures to ensure that executive
management controls the risks through a properly
FGƒPGF HTCOGYQTM 6JG %QORCP[ JCU KFGPVKƒGF VJG
risks and their owners within the organization and the
following risks have emerged as the top 5 risks:
Commodity Price Risk
Seasonality in agriculture and monsoon
Foreign Currency Exchange Rate Risk
Aggressive strategies of competition
 +PVGITCVKQPCPFRTQƒVCDKNKV[QHCESWKUKVKQPU
Commodity Price Risk
The Company is exposed to fluctuations in prices of
polymers and resins and agricultural products which are
used by the Company as raw materials. These products
are commodities whose prices are determined by the
supply and demand in the Indian and international
markets for those products and by the price of petroleum.
The prices for these commodities are volatile and this
volatility has an effect on the Company's income and
PGV RTQƒV 6JG[ FGRGPF QP EGTVCKP MG[ TCY OCVGTKCNU
including raw materials derived from petroleum.
%QPUGSWGPVN[ VJG %QORCP[ U DWUKPGUU ƒPCPEKCN
condition and results of operations may be materially
and adversely affected by increases in the prices of
these raw materials. The Company currently does not
hedge against market risk resulting from fluctuation in
prices of these commodities mainly due to the lack of
traded futures and other hedging instruments for our
plastic resin and fruit and vegetable raw materials.
165
 Jain Irrigation Systems Ltd.

Seasonality in agriculture: 7) Analysis of the Standalone Financial

The Company’s performance is also dependent on the Performance
seasonality in agriculture sector. The manufacturing of a) Net sales (` in Million)
agro-processed products varies over the course of each
year, reflecting seasonal changes in the availability of Business 2016-17 2015-16 Change Change
raw materials. The effects of the monsoon and weather absolute %
in India, including flooding, droughts and subsequent Hi Tech 20,214 18,652 1,562 8.4%
Agri Input
FCOCIG VQ ETQRU UKIPKƒECPVN[ CHHGEV VJG UWEEGUU QH
Products
crop harvesting and can be more severe in India than in Division
other countries.
Plastic Division 16,395 15,691 704 4.5%
Foreign Currency Exchange Rate Risk:
Other Division 2,031 1,480 551 37.2%
The Company uses forward contracts and swap Total Revenue 38,640 35,823 2,817 7.9%
contracts primarily to partially hedge our foreign currency
borrowings and export receivables. Nevertheless, it does Domestic 35,299 32,274 3,025 9.4%
not hedge against all of it's foreign exchange risks and so Export 3,341 3,549 (208) (5.9%)
a weakening of the Indian Rupee against the U.S. dollar
and other major foreign currencies may have an adverse  6JG(;ƒIWTGUFQGUPQVKPENWFG#ITQ2TQEGUUKPI
effect on it's cost of borrowing and consequently may Division. Revenue on a standalone basis has increased
KPETGCUGVJGEQUVQHƒPCPEKPIKV UECRKVCNGZRGPFKVWTGU by 7.9% to ` 38,640 million vis-a-vis ` 35,823 million in
the previous year. This increase in revenues is in all three
Changes in exchange rates can influence the value of
segments.
our foreign currency borrowings in our Balance Sheet.
For it's foreign currency borrowings, it applies AS 11  1WT VQVCN FQOGUVKE TGXGPWG KPETGCUGF D[  KP ƒUECN
and applicable Ind AS provisions and mark them to year 2017 to ` 35,299 million from ` 32,274 million in
market, resulting in a gain or loss depending or the ƒUECN[GCT6JGTGXGPWGUHTQOGZRQTVUFGETGCUGF
appreciation or depreciation of the Indian rupee relative D[KPƒUECN[GCTCV` 3,341 million from ` 3,549
to the U.S. dollar, which is the primary currency of it's OKNNKQP KP ƒUECN [GCT  'ZRQTV UCNGU CEEQWPVGF HQT
foreign currency borrowings and the other currencies QHCIITGICVGUVCPFCNQPGUCNGUKPƒUECN[GCT
under which it has foreign currency borrowings. During CUEQORCTGFVQKPƒUECN[GCT
ƒUECN [GCT  VJG %QORCP[ GZGTEKUGF CP QRVKQP
given in AS 11 whereby exchange differences arising on
i) Hi-Tech Agri Input Products Division:
long-term foreign currency monetary items relating to Revenues from domestic sales of the Company's Hi-
FGRTGEKCDNG CUUGVU CTG ECRKVCNK\GF WPFGT ƒZGF CUUGVU 6GEJ #ITK +PRWV 2TQFWEVU KPETGCUGF D[  KP ƒUECN
and depreciated over the remaining life of such assets. year 2017 to ` 18,079 million from ` 17,064 million in
Accordingly, some amounts which previously would ƒUECN [GCT  RTKOCTKN[ FWG VQ KPETGCUGF UCNGU KP
have been recognized as foreign currency gains or retail business. Exports of Hi-Tech Agri Input Products
NQUUGUKPVJGRTQƒVCPFNQUUCEEQWPVHQTVJGEWTTGPV[GCT increased by 34.1% at ` 2,130 million from ` 1,588
will be capitalized going forward and depreciated over
million compared to the previous year.
the estimated remaining useful life of the relevant asset
to which such losses pertain. ii) Plastic Products:
Aggressive Strategies of Competition: Revenues from domestic business of the Plastic division
The competition adopts aggressive strategies (large JCXG KPETGCUGF D[  KP ƒUECN [GCT  CV ` 15,110
sales force, credits, products offered at multiple price million from `  OKNNKQP KP ƒUECN [GCT  6JG
points etc.) and competition from unorganized sector revenues from export business of Plastic division have
(aggressive pricing) results in pressure on sales/ FGETGCUGFD[KPƒUECNCV` 1,285 million from
margins. ` OKNNKQPKPƒUECN[GCT

Integration of acquisitions: iii) Others:

Inability to capitalize on the opportunities arising from Other division include Solar Thermal, Solar, Biogas Power,
the acquisitions due to sub optimal integration of the Solar Water Heating systems, and other Agricultural
people, process and technology from the acquired products. Revenues from other division have increased
entities is one of the risks associated with the recently D[  KP ƒUECN  CV  OKNNKQP HTQO ` 1,480
completed acquisitions. OKNNKQPKPVJGƒUECN
As mandated the Company has a Risk Management
b) Operating Income* (` in Million)
Committee in place. The Risk Management Committee
met during the year under review to dwell upon the Particular 2016-17 2015-16 Change Change
absolute %
potential risks associated with the business as well
Incentives &
as to decide the action plan(s) in order to mitigate the 677 850 (173) (20.4)%
Assistance
present/future risks.
Incentives & Assistance includes government grant in
the form of exemption from electricity duty, stamp duty

166
 and industrial promotional subsidy for investment in Gross block increased by ` 988 million during the year
Jalgaon and Alwar. It also includes saving in import duty & Accumulated depreciation has increased by ` 1,763
on procurement of capital goods and export incentives million during the year.
under MEIS scheme. h) Investments (` in Million)
c) Raw Materials Consumption* (` in Million) Particulars 31 Mar 31 Mar Change Change
Particular 2016-17 2015-16 Change Change 2017 2016 absolute %
absolute % Investment in 10,347 13,647 (3,300) (24.2)
Polymers, wholly owned
subsidiary (WoS)/
Chemicals Subsidiary
& additives, 23,941 21,359 2,582 12.1 Company
packing Other Investment 623 623 - -
material, etc.
Total 10,970 14,270 (3,300) (23.1)
Raw materials consumption increased by 12.1% at
The decrease of ` 3,300 million in investments in WOS
` 23,941 million as compared to ` 21,359 million in
is mainly due to redemption of Preference Shares and
the previous year, mainly due to increase Raw Material
other investments.
prices of plastics.
i) Inventories (` in Million)
d) Other Expenses* (` in Million)
Particulars 31 Mar 31 Mar Change Change
Particular 2016-17 2015-16 Change Change
2017 2016 absolute %
absolute %
Inventories 8,923 7,342 1,581 21.5
Other Expenses 7,676 8,470 (793) (9.4)
The overall inventory has increased by ` 1,581 million
Other Expenses decreased by 9.4% to ` 7,676 million mainly on account of increase in Hi Tech Agri Input
compared to ` 8,470 million in the previous year, mainly Products during the current year as compared to
due to the transfer of Indian Food business & decline in previous year.
export selling expenses.
j) Trade Receivables (` in Million)
e) Employees Benefit Expenses* (` in Million) Particulars 31 Mar 31 Mar Change Change
Particular 2016-17 2015-16 Change Change 2017 2016 absolute %
absolute % Gross 16,572 19,388 (2,816) (14.5)
Employees Receivables
Benefit 2,639 2,568 71 2.8 Less: 1,221 1,402 181 12.9
Expenses Impairment
Employee costs increased by 2.8% to ` 2,639 million as allowances
compared to ` 2,565 million in the previous year. The Net 15,351 17,986 (2,635) (14.7)
escalation is primarily due to increment from July, 2016 Receivables
and new employment generation. The net receivable was decreased by 14.7% at ` 15,351
f) Finance Costs* (` in Million) million compared to ` 17,986 million in the previous
Particulars 2016-17 2015-16 Change Change year, mainly due to realisation of export receivabl ` 3,208
absolute % million and increase in trade receivables by ` 392 million
Interest 3,053 3,905 (852) (21.8) the decrease in impairment allowance by ` 181 million is
Expenses because of realisation of old outstanding receivables.
Bank Charges 370 379 (9) (2.4)
k) Short Term Loans and Advances (` in Million)
Total 3,423 4,285 (862) (20.1) Particulars 31 Mar 31 Mar Change Change
The Finance Cost decreased by 20.1% to 2017 2016 absolute %
` 3,423 million compared to ` 4,285 million in the Short Term 7,001 9,799 (2,798) (28.6)
Loans &
RTGXKQWU [GCT 6JG QXGTCNN ƒPCPEG EQUV KU  QH PGV Advances
sales in current year as against 10% in previous year.
Short Term Loans & Advances decreased by ` 2798
 6JGƒIWTGHQTPQVGPQ
DVQ
HCTGPQVEQORCTCDNGCU million in Current year mainly due to redemption of loans
FY 2016-17 does not include Agro Processing Division. by Subsidiaries and receivables against slump sale.
g) Fixed Assets (` in Million)
l) Current Liabilities (` in Million)
Particulars 31 Mar 31 Mar Change Change
2017 2016 absolute % Particulars 31 Mar 31 Mar Change Change
2017 2016 absolute %
Gross Block 39,581 38,593 988 2.6 Current 18,086 23,978 (5,892) (24.6)
|(net of disposal) Liabilities
Less: 10,258 8,495 1,763 20.8 (Excluding
Depreciation current
Net Block 29,322 30,098 (775) (2.6) maturities of
borrowings)

167
 Jain Irrigation Systems Ltd.

Current Liabilities decreased by ` 5,892 million to ` 18,086 million in current year from ` 23,978 million in the previous year,
mainly due to decrease in current borrowings by ` 7,427 million, increase in trade payables by ` 780 million and increase in
advances from Customers by ` 720 million.

m) Long Term Borrowing (` in Million)

Particulars 31 Mar 2017 31 Mar 2016 Change Change %
absolute
Long Term Borrowing (including the current maturities) 10,053 14,692 (4,639) (31.6)
*Excludes CCDs issued to investor being treated as equity.
The Long Term Borrowing decreased by ` 4,639 million mainly on account of repayment of long term loans.

n) Shareholders’ Funds (` in Million)

Particulars Equity Capital Share Other Retained Total
Premium Reserves Earnings
Balance as on 1st April 2016 953 11,673 6,496 22,496 41,618
a) Allotted during the year 6 153 - - 159
b) Share option outstanding - 30 - - 30
b) Profits for the year - 1,638 1,638
c) Dividend paid (incl. dividend tax) - (290) (290)
d) Adjustments / other comprehensive income - - 79 (69) 10
Sub Total (a to d) 6 183 79 1,279 1,547
Balance as on 31st March 2017 959 11,856 6,575 23,775 43,165

o) Dividend
The Board has proposed to pay dividend on Ordinary Equity Shares and DVR Equity Shares @ ` 0.75 per share (37.5%)
to all eligible Shareholders, subject to approval of Shareholders at the ensuing AGM. The dividend cash-outgo (including
dividend tax) would be ` 433 million as against ` 287 million in the previous year. The dividend pay-out as percent of Net
2TQƒVYQTMUQWVVQCUEQORCTGFVQKPRTGXKQWU[GCT
(` in Million)
Particulars 2016-17 2015-16 Change Change %
absolute
Equity Dividend 360 238 122 50.9

Disclaimer :
The Management cautions that some of the statements above are directional and forward looking and do not represent
correctness of the underlying projections as they are dependent on various factors some of which may be outside
control of the management.

168
 Annexure V - Register of loans, guarantee, security & acquisition
Made by The Company (FY 2016-2017)
[Pursuant to section186(9) of the Companies Act, 2013 and & rule 12(1) of Companies (Meetings of Board and its Powers)Rules, 2014]
Nature of Name and Address of the Person Amount of Time period for Purpose of Loan/ % of loan/acquisition Date of Date of For Loan For Acquisitions
transaction or Body Corporate to whom it is Loan/Security/ which it is made/ Acquistion/Guarantee/ /exposure on Passing passing Rate of Date of No and Cost of Date of
& Date of made or given or whose securities Acquisition/ given Security guarantee/ security of Board Special Interest Maturity kind of Acquistion selling of
making have been acquired (Listed / Guarantee provided to the paid up resolution resolu per Securities (in case of Invest-ment
(whether Unlisted entities) Capital, Free Reserves tion, if and Securities & Selling
and securities Premium Annum
Loan/ required Nominal how the Price (how
Guarantee/ account and % of free Value & purchase the price
Security/ reserves and securities paid up price was was arrived
Acquistion) premium value arrived at) at)
Guarnatee Nabkisan Finance Limited, 3rd `140 million 5 Years (First For securing Term loan 0.59% and 0.62% 20.04.2016 NA NA NA NA NA NA
28.04.2016 Floor, Nabard Regional Office B. No. Instalment to be paid of Sustainable Agro-
48, M G Road, Nungambakkam, after one year from Commercial Finance
Chennai, Tamilnadu-600034. date of disbursement) Limited
Guarnatee IDBI Bank Limited, Nariman Point, `400 million 180 days Line of credit for direct discounting 1.59% and 1.66% 12.07.2016 NA NA NA NA NA NA
12.07.2016 Mumbai-400005 of bills of MSE vendors of Jain
Farm Fresh Foods Ltd.
Loan Jain International Trading BV, USD 5 million 5 years i.e. on Improving cash flow and 1.34% and 1.39% 30.05.2016 NA 6% 5 years i.e. NA NA NA
20.07.2016 Haaksbergweg 71, 1101BR, (Equ to ` 336.10 20th July, 2021 working capital for its on 20thJuly,
Amsterdam, The Netherlands million) business 2021
Guarnatee Export-Import Bank of India, Centre USD 16 million One Year Import of moulded plastic 4.28% and 4.45% 09.08.2016 NA NA NA NA NA NA
09.08.2016 One, Floor 21 World Trade Centre, (Equ to `1,076 products by Jain (Americas)
Cuffe Parade, Mumbai 400 005 million) Inc, USA
Loan Jain International Trading BV, USD 1.50million 5 years-bullet Improving cash flow and 0.40% and 0.41% 30.05.2016 NA 6% 5 years- bullet NA NA NA
10.08.2016 Haaksbergweg 71, 1101BR, (Equ. to ` 100.16 repayment on working capital for its repayment on
Amsterdam, The Netherlands million) 10th August, 2021 business 10th Aug- 2021
Guarnatee Union Bank of India (UK) Ltd, USD 4 million February, 2020 Guaranteeing the due 1.06% and 1.10% 12.08.2016 NA NA NA NA NA NA
12.08.2016 Senator House, 85 Queen Victoria (Equ. to ` 267 repayment of enhancement
Street, London, UK million) of working capital facility
Loan Jain International Trading BV, USD 1.0 million 5 years-bullet Improving cash flow and 0.27% and 0.28% 30.05.2017 NA 6% 5 years-bullet NA NA NA
14.10.2016 Haaksbergweg 71, 1101BR, (Equ to ` 66.84 repayment on working capital for its repayment
Amsterdam, The Netherlands million) 14th October, 2021 business on 14th Oct-
2021
Loan Jain International Trading BV, USD 4 million Bullet Repayment Improving cash flow and 1.06% and 1.10% 30.09.2016 NA 6% Bullet Re- NA NA NA
01.11.2016 Haaksbergweg 71, 1101BR, (Equ to ` 267 before March 2017 working capital for its payment before
Amsterdam, The Netherlands million) business March 2017
Guarantee Export-Import Bank of India, Centre USD 12 million 7 years approx. 24 Payment to Kibbutznaan for 3.25% and 3.37% 30.09.2016 NA NA NA NA NA NA
08.11.2016 One, Floor 21, World Trade Centre, (Equ to ` 815.40 months moratorium acquisition of 100% Equity
Cuffe Parade, Mumbai 400005 million) period from the date stake in Naandan Jain
of first disbursement. Irrigation Ltd, Israel.
Guarantee The Bank of New York Mellon, USD 300 million Due 2022 For Guaranteeing the 81.47% and 84.68% 25.02.2017 NA 7.125% NA NA NA NA
01.02.2017 London Branch (Equ to `20,460 repayment of Senior Notes
as Trustee million) U.S.$ 200 Bonds issued by Jain
million 7.125% International Trading BV,
SENIORNOTES The Netherlands
rd
Guarnatee Nabkisan Finance Limited, 3 Floor, ` 100 million 5 Years (First For securing Term loan 0.40% and 0.41% 15.03.2017 NA NA NA NA NA NA
15.03.2017 Nabard Regional Office Building No. Instalment to be paid of Sustainable Agro-
48, M G Road, Nungambakkam, after one year from Commercial Finance
Chennai, Tamilnadu -600 034. date of disbursement) Limited

169
 Jain Irrigation Systems Ltd.

Annexure VI
Form No. MGT 9 Extract of Annual Return
As on financial year ended on 31st March, 2017

Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management
& Administration) Rules, 2014.

I) Registration & Other Details

1) CIN L29120MH1986PLC042028
2) Registration Date 30th December, 1986
3) Name of the Company Jain Irrigation Systems Limited
4) Category/Sub-category of the Company Company Limited by Shares/ Indian Non-Government Company
Jain Plastic Park, N. H. No. 6, Bambhori, Jalgaon 425001.
5) Address of the Registered office & contact details Phone: +91-257-2258011, Fax: +91-257-2258111,
E-mail ID: jisl@jains.com, Web: www.jains.com
6) Whether listed Company Yes
Link Intime India Pvt. Ltd.
C101, 247 Park, LBS Marg,
Name, Address & contact details of the Registrar & Vikhroli West, Mumbai-400083
7)
Transfer Agent, if any. Phone: 02249186000 Fax: 02249186060,
E-mail ID: Mumbai@linkintime.co.in and rnt.helpdesk@linkintime.co.in
Web: www.linkintime.co.in

II) Principal Business Activities of The Company

(All the business activities contributing 10 % or more of the total turnover of the Company shall be stated)

Sr. No. Name and Description of main products / NIC Code of the % to total turnover of
services Product/service the Company
1) Manufacture of other Plastic Products (n.e.c) 22209 94.73

III) Particulars of Holding, Subsidiary and Associate Companies

Sr. No. Name of the Address of the CIN/ GLN Holding/ % of Shares Applicable
Company Company Subsidiary/ held Section
Associate
1) Jain Farm Fresh Gat No. 139/2, Jain Valley, U15200 Subsidiary 81.65 2(87)(ii)
Foods Limited Shirsoli Jalgaon MH MH2015
425002 PLC263338
2) Jain Processed Gat No. 139/2, Jain Valley, U74900 Subsidiary 100 2(87)(ii)
Foods Trading Shirsoli Jalgaon MH MH2015
& Investments 425002 PTC263378
Private Limited
3) Driptech India West Wing Building, Gat U01403 Fellow 75 2(87(ii)
Private Limited No. 260, Jain Plastic Park, MH2012 Subsidiary
N H No. 6, Bambhori, PTC293510
Jalgaon 425001
4) JISL Overseas Les Cascades Edith NA Subsidiary 100 2(87)(ii)
Limited, Mauritius Caveli Street Port Louis,
Mauritius
5) Jain International Oranje Nassaulaan 55-1, NA Subsidiary 100 2(87)(ii)
Trading BV, 1075 AK, Amsterdam, The
Netherland Netherlands
6) Jain (America) 1819, Walcutt Road, Suit NA Fellow 100 2(87)(ii)
Foods, Inc 1 Columbus, Ohio 43228, Subsidiary
(Formerly Jain USA
(Americas) Inc
7) Jain (Europe) Ltd, Grove House, 551 NA Fellow 100 2(87)(ii)
UK London Road, Isleworth, Subsidiary
Middlesex, TW7 4DS, UK

170
Sr. No. Name of the Address of the CIN/ GLN Holding/ % of Shares Applicable
Company Company Subsidiary/ held Section
Associate
8) Jain Overseas B. Oranje Nassaulaan 55-1, NA Fellow 100 2(87)(ii)
V., Netherland 107 AK, Amsterdam, The Subsidiary
Netherlands
9) Cascade 1, Cascade Way, NA Fellow 100 2(87)(ii)
Specialties Inc., Boardman, (Onion Subsidiary
USA Dehydration Plant) Oregon
97818, USA
10) Jain Irrigation 2851, East, Florence NA Fellow 100 2(87)(ii)
Holding, Inc., Avenue, Fresno, California Subsidiary
USA CA. 93721
11) JIIO, California, 2851, East, Florence NA Fellow 100 2(87)(ii)
USA Avenue (Micro Irrigation), Subsidiary
Fresno, California CA.
93721
12) Jain Irrigation Inc, 2060 E. Francis Street, NA Fellow 100 2(87(ii)
Dalware, USA Ontario, CA91761 USA Subsidiary
13) Point Source 2550, S East Avenue Ste NA Fellow 100 2(87)(ii)
Irrigation Inc, 120 Fresno CA 93706 Subsidiary
USA
14) Jain Agricultural 2060, East Francis Street, NA Fellow 100 2(87)(ii)
Services, USA Ontario, CA 91761 Subsidiary
(Erstwhile
Puresence
Environmental
Inc)
15) JISL Global SA, Rue Saint- Honore-3, NA Fellow 100 2(87)(ii)
Switzerland Case Postale 2272 2001 Subsidiary
Neuchatel, Switzerland
16) Jain (Israel) BV, Claude Debussylaan, 24, NA Fellow 100 2(87)(ii)
Netherland 1082 MD Amsterdam, Subsidiary
Netherland
17) JISL Systems SA, Rue Saint- Honore-3, NA Fellow 100 2(87)(ii)
Switzerland Case Postale 2272 2001 Subsidiary
Neuchatel, Switzerland
18) Naandan Jain Post Naan 76829, (Drip NA Fellow 100 2(87)(ii)
Irrigation Ltd, and Sprinkler Irrigation) Subsidiary
Israel Israel
19) Gavish Control Givat Brenner, 60948, NA Fellow 51 2(87)(ii)
Systems Ltd., Israel Subsidiary
Israel
20) THE Machines, Rue de I’industries 5, NA Fellow 100 2(87)(ii)
SA, Switzerland CH-1462 YVONAND, Subsidiary
Switzerland
21) Pro-Tool AG, Bernstrasse 52 CH-4923 NA Fellow 75 2(87)(ii)
Switzerland Wynau, Switzerland Subsidiary
22) Jain International Woodbridge Road, East NA Fellow 100 2(87)(ii)
Foods Limited Road Industrial Estate, Subsidiary
(Erstwhile SQF Sleaford, Linconlushire,
2009 Ltd), UK NG34 7EW-UK
23) Sleaford Food Woodbridge Road, East NA Fellow 100 2(87)(ii)
Group Ltd., UK Road Industrial Estate, Subsidiary
Sleaford, Linconlushire,
NG34 7EW-UK
24) Sleaford Quality Woodbridge Road, East NA Fellow 100 2(87)(ii)
Foods Ltd., UK Road Industrial Estate, Subsidiary
Sleaford, Linconlushire,
NG34 7EW-UK
25) Arnolds Quick Woodbridge Road, East NA Fellow 100 2(87)(ii)
Dried Foods Ltd., Road Industrial Estate, Subsidiary
UK Sleaford, Lincolushire,
NG34 7EW- UK

171
 Jain Irrigation Systems Ltd.

Sr. No. Name of the Address of the CIN/ GLN Holding/ % of Shares Applicable
Company Company Subsidiary/ held Section
Associate
26) Ex-cel Plastics Derrylavin, Kingscourt NA Fellow 100 2(87)(ii)
Ltd, Ireland Road, (R-179), Subsidiary
Carrickmacross, County
Monaghan, Ireland
27) Naan Dan Agro- Post Naan 76829, (Drip an NA Fellow 100 2(87)(ii)
Pro Ltd., Israel Sprinkler Irrigation) Israel Subsidiary
28) NaanDan Jain 2, Ruedoc, 31, 200 NA Fellow 100 2(87)(ii)
France Sarl, Toulouse, France Subsidiary
France
29) NaanDan Jain 214-216, Hammond NA Fellow 100 2(87)(ii)
Australia Pty Ltd., Road, Dandenong, Subsidiary
Australia Victoria 3175.
30) NaanDan Campinas- SPR Dr NA Fellow 100 2(87)(ii)
Do Brasil Antonio da costa Subsidiary
Participacoes Carvalho, 324 13.024-050
Ltd. Brazil
31) NaanDan Jain Rua Biazo Vicentin No. NA Fellow 100 2(87)(ii)
Industria E 260, Bairro Cidade Jardim, Subsidiary
Comercio De P. O. Box 175 Leme SP-
Equipmentos CEP 13614-330
Ltd., Brasil
32) NaanDan Jain Leontina Gudino #1 Col. NA Fellow 100 2(87)(ii)
Mexico, S. A. De Parque san Bernardino, Subsidiary
C. V. Mexico texcoco, 56230, Distrirto
federal, Mexico.
33) NaanDan Jain S. Viadel Tecchione 1820097 NA Fellow 100 2(87)(ii)
R. L., Italy San Giuliano, Milanese Subsidiary
MI, Italy
34) NaanDan Jain Pol. In. La Redonda, Calle NA Fellow 100 2(87)(ii)
Iberica S. C., Z=XIV Parc. 91-94, 4710 Subsidiary
Spain Sta Ma Del Aguila EI,
Ejido, Almeria, Spain.
35) NaanDan Jain Calle Produccin Nacional, NA Fellow 100 2(87)(ii)
Peru S. A. C., N-229, 15001, Chorrillos, Subsidiary
Peru Lima – Peru
36) NaanDan Jain 505, Alexandriei Rd., 116- NA Fellow 100 2(87)(ii)
Irrigation Projects 118, Bragadiru Jud 11 Subsidiary
S. R. L., Romania Fov., Romania
37) Jain Sulama Sabanci organize sanayi NA Fellow 100 2(87)(ii)
Sistemleri Sanayi bolgesi, Ataturk, Bulvari, Subsidiary
Ve Ticaret No. 48, Adana
Anonim Sirkti,
Turkey
38) Dansystems S. Carreterra Sannvartin NA Joint Venture NA 2(6)
A., Chile SITIO, 31, Loteo Industrial
Loslier Tabores Colima,
Chile, 16500
39) White Oak Frozen 2525 Cooper Avenue, NA Fellow 100 2(87)(ii)
Foods, USA Merced, CA 95348. Subsidiary
40) Jain Agricultural 77 Argyle St Fitzroy, VIC, NA Fellow 100 2(87)(ii)
Services Australia Australia 3054 Subsidiary
Pty. Ltd, Australia
41) Excel Plastic Parc Marcel Dassault 4 rue NA Fellow 100 2(87)(ii)
Piping Systems Jacqueline Auriol 34430 Subsidiary
Ltd, France SAINT JEAN DE VEDAS,
France
42) Jain America 1819, Walcutt Road, NA Fellow 100 2(87(ii)
Holdings, Inc, Columbus, Ohio 43228, Subsidiary
Delaware, USA USA
43) Sustainable Agro 7, Kumtha Street, Ballard U65999 Associate 49 2(6)
Commercial Estate, Mumbai – 400 MH2011 Company
Finance Ltd. 001. PLC213640

172
IV) Share Holding Pattern (Equity Share Capital Breakup as percentage of Total
Equity)
Category-wise Share Holding
Shareholding at the beginning of the year Shareholding at the end of the year %
Category of
1st April, 2016 31st March, 2017 Change
Demat Physical Total % of Total Demat Physical Total % of Total During
Shareholders the year
Shares Shares
Shareholding of Promoter and Promoter Group
Indian
Individuals / Hindu 2,05,87,825 2,05,87,825 4.50 2,05,87,825 2,05,87,825 4.47 (0.03)
Undivided Family - -
Central - - -
Government / State - - - - - -
Government(s)
Financial Institutions - - -
/ Banks - - - - - -
- -
Any Other (Specify)
-
Bodies Corporate 12,06,93,836 - 12,06,93,836 26.40 12,06,93,836 - 12,06,93,836 26.23 (0.17)
Sub Total (A)(1) 14,12,81,661 - 14,12,81,661 30.90 14,12,81,661 - 14,12,81,661 30.70 (0.20)
Foreign
Individuals (Non- - - - - - - - - -
Resident Individuals /
Foreign Individuals)
Government - - - - - - - - -
Institutions - - - - - - - - -
Foreign Portfolio - - - - - - - - -
Investor
Any Other (Specify) - - -
Sub Total (A)(2) - - - - - - - - -
Total Shareholding 14,12,81,661 - 14,12,81,661 30.90 14,12,81,661 - 14,12,81,661 30.70 (0.20)
of Promoter and
Promoter Group
(A)=(A)(1)+(A)(2)
Public
Shareholding
Institutions
Mutual Funds / UTI 1,44,22,716 10,170 1,44,32,886 3.16 1,30,48,237 10,170 1,30,58,407 2.84 (0.32)
Venture Capital - - - - - - - - -
Funds
Alternate Investment - - - - - - - - -
Funds
Foreign Venture - - - - - - - - -
Capital Investors
Foreign Portfolio 14,44,31,071 8,500 14,44,39,571 31.59 19,32,74,801 8,000 19,32,82,801 42.00 10.41
Investor
Financial Institutions 16,97,461 3,425 17,00,886 0.37 9,75,038 3,425 9,78,463 0.21 (0.16)
/ Banks
Insurance - - - - - - - - -
Companies
Provident Funds/ - - - - - - - - -
Pension Funds
Any Other (Specify) - - -
Foreign Bank 1,000 - 1,000 - 1,000 - 1,000 - -
Qualified Fore. 4,93,48,191 - 4,93,48,191 10.79 1,31,67,025 - 1,31,67,025 2.86 (7.93)
Investor-Corporate
Sub Total (B)(1) 20,99,00,439 22,095 20,99,22,534 45.91 22,04,66,101 21,595 22,04,87,696 47.91 2.00

173
 Jain Irrigation Systems Ltd.

Shareholding at the beginning of the year Shareholding at the end of the year %
Category of
1st April, 2016 31st March, 2017 Change
Demat Physical Total % of Total Demat Physical Total % of Total During
Shareholders the year
Shares Shares
Central Government/
State Government(s)/
President of India
Sub Total (B)(2) - - - - - - - - -
Non-Institutions
Individuals
Individual 5,95,97,895 22,62,700 6,18,60,595 13.53 5,64,13,701 21,27,535 5,85,41,236 12.72 (0.81)
shareholders holding
nominal share capital
upto ` 1 lakh.
Individual 1,97,64,499 - 1,97,64,499 4.32 93,12,131 - 93,12,131 2.02 (2.30)
shareholders holding
nominal share capital
in excess of ` 1 lakh
NBFCs registered - - - - - - - - -
with RBI
Employee Trusts - - - - - - - - -
Overseas - - - - - - - - -
Depositories(holding
DRs) (balancing
figure)
Any Other (Specify) - - -
Trusts 4,09,385 - 4,09,385 0.09 29,785 - 29,785 0.01 (0.08)
Foreign Nationals 125 - 125 - - - - - -
Hindu Undivided 29,19,142 - 29,19,142 0.64 24,63,675 - 24,63,675 0.54 (0.10)
Family
Foreign Companies 7,99,582 - 7,99,582 0.17 19,975 - 19,975 - (0.17)
Non Resident Indians 8,18,023 - 8,18,023 0.18 9,44,395 - 9,44,395 0.21 0.03
(Non Repat)
Non Resident Indians 27,91,155 43,565 28,34,720 0.62 28,20,768 42,245 28,63,013 0.62 -
(Repat)
Office Bearers 30,66,245 1,87,825 32,54,070 0.71 41,82,269 3,40,195 45,22,464 0.98 0.27
Foreign Portfolio 39,710 - 39,710 0.01 39,710 - 39,710 0.01 -
Investor (Individual)
Clearing Member 32,74,356 - 32,74,356 0.72 77,44,365 - 77,44,365 1.68 0.97
Bodies Corporate 92,73,305 53,630 93,26,935 2.04 1,11,48,176 53,130 1,12,01,306 2.43 0.39
Sub Total (B)(3) 10,27,53,422 25,47,720 10,53,01,142 23.03 9,51,18,950 25,63,105 9,76,82,055 21.23 (1.80)
Total Public 31,26,53,861 25,69,815 31,52,23,676 68.94 31,55,85,051 25,84,700 31,81,69,751 69.14 0.20
Shareholding(B)=(B)
(1)+(B)(2)+(B)(3)
Total (A)+(B) 45,39,35,522 25,69,815 45,65,05,337 99.84 45,68,66,712 25,84,700 45,94,51,412 99.84 -
Non Promoter -
Non Public
Custodian/DR 7,11,891 2,750 7,14,641 0.16 7,11,891 2,750 7,14,641 0.16 -
Holder
Employee Benefit - - - - - - - - -
Trust (under SEBI
(Share based
Employee Benefit)
Regulations, 2014)
Total (A)+(B)+(C) 45,46,47,413 25,72,565 45,72,19,978 100.00 45,75,78,603 25,87,450 46,01,66,053 100.00 -

174
Category-wise Share Holding DVR
Shareholding at the beginning of the year Shareholding at the end of the year %
Category of
1st April, 2016 31st March, 2017 Change
Demat Physical Total % of Total Demat Physical Total % of Total During
Shareholders the year
Shares Shares
Shareholding of
Promoter and
Promoter Group
Indian
Individuals / Hindu 10,29,386 - 10,29,386 5.34 10,29,386 - 10,29,386 5.34 -
Undivided Family
Central - - - - - - - - -
Government / State
Government(s)
Financial Institutions - - - - - - - - -
/ Banks
Any Other (Specify) - - - - - - - - -
Bodies Corporate 48,30,250 - 48,30,250 25.03 48,30,250 - 48,30,250 25.03 -
Sub Total (A)(1) 58,59,636 - 58,59,636 30.37 58,59,636 - 58,59,636 30.37 -
Foreign
Individuals (Non- - - - - - - - - -
Resident Individuals /
Foreign Individuals)
Government - - - - - - - - -
Institutions - - - - - - - - -
Foreign Portfolio - - - - - - - - -
Investor
Any Other (Specify)
Sub Total (A)(2) - - - - - - - - -
Total Shareholding 58,59,636 - 58,59,636 30.37 58,59,636 - 58,59,636 30.37 -
of Promoter and
Promoter Group(A)
= (A)(1)+(A)(2)
Public Shareholding
Institutions
Mutual Funds / UTI 99 502 601 - 99 502 601 - -
Venture Capital - - - - - - - - -
Funds
Alternate Investment - - - - - - - - -
Funds
Foreign Venture - - - - - - - - -
Capital Investors
Foreign Portfolio 1,70,361 423 1,70,784 0.89 1,07,407 423 1,07,830 0.56 (0.33)
Investor
Financial Institutions 37,060 169 37,229 0.19 55,023 169 55,192 0.29 0.10
/ Banks
Insurance - - - - - - - - -
Companies
Provident Funds/ - - - - - - - - -
Pension Funds
Any Other (Specify)
Foreign Bank 50 - 50 - 50 - 50 - -
Qualified Fore. 3,29,445 - 3,29,445 1.71 3,29,445 - 3,29,445 1.71 -
Investor-Corporate
Sub Total (B)(1) 5,37,015 1,094 5,38,109 2.79 4,92,024 1,094 4,93,118 2.55 (0.23)
Central Government/ - - - - - - - - -
State Government(s)/
President of India

175
 Jain Irrigation Systems Ltd.

Shareholding at the beginning of the year Shareholding at the end of the year %
Category of
1st April, 2016 31st March, 2017 Change
Demat Physical Total % of Total Demat Physical Total % of Total During
Shareholders the year
Shares Shares
Sub Total (B)(2) - - - - - - - - -
Non-Institutions
Individuals
Individual 75,60,745 1,08,224 76,68,969 39.75 75,97,154 1,06,218 77,03,372 39.93 0.18
shareholders holding
nominal share capital
upto ` 1 lakh.
Individual 19,10,882 - 19,10,882 9.90 27,92,024 - 27,92,024 14.47 4.57
shareholders holding
nominal share capital
in excess of ` 1 lakh
NBFCs registered - - - - - - - - -
with RBI
Employee Trusts - - - - - - - - -
Overseas - - - - - - - - -
Depositories(holding
DRs) (balancing
figure)
Any Other (Specify)
Trusts 1,252 - 1,252 0.01 1,654 - 1,654 0.01 -
Foreign Nationals 250 - 250 - 250 - 250 - -
Hindu Undivided
6,01,480 - 6,01,480 3.12 6,41,110 - 6,41,110 3.32 0.21
Family

Non Resident Indians

57,884 - 57,884 0.30 44,918 - 44,918 0.23 (0.07)
(Non Repat)

Non Resident Indians

2,19,191 2,125 2,21,316 1.15 2,81,711 2,059 2,83,770 1.47 0.32
(Repat)
Office Bearers 1,91,693 15,904 2,07,597 1.08 1,65,723 15,171 1,80,894 0.94 (0.14)
Clearing Member 2,69,149 - 2,69,149 1.39 3,11,879 - 3,11,879 1.62 0.22
Bodies Corporate 19,54,183 3,460 19,57,643 10.15 9,78,730 2,812 9,81,542 5.09 (5.06)
Sub Total (B)(3) 1,27,66,709 1,29,713 1,28,96,422 66.84 1,28,15,153 1,26,260 1,29,41,413 67.08 0.23

Total Public 1,33,03,724 1,30,807 1,34,34,531 69.63 1,33,07,177 1,27,354 1,34,34,531 69.63 -
Shareholding(B)=
(B)(1)+(B)(2)+(B)(3)

Total (A)+(B) 1,91,63,360 1,30,807 1,92,94,167 100.00 1,91,66,813 1,27,354 1,92,94,167 100.00 -
Non Promoter - Non
Public
Custodian/DR - 137 137 - - 137 137 - -
Holder
Employee Benefit - - - - - - - - -
Trust (under SEBI
(Share based
Employee Benefit)
Regulations, 2014)
Total (A)+(B)+(C) 1,91,63,360 1,30,944 1,92,94,304 100.00 1,91,66,813 1,27,491 1,92,94,304 100.00 -

176
B) Shareholding of Promoter - Ordinary Equity Shares
SN Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year- %
1st April, 2016 31st March, 2017 Change
No. of % of total % of Shares No. of % of total % of Shares in share
Shares Shares Pledged / Shares Shares Pledged holding
of the encumbered of the / encum during
Company to total shares Company -bered to the year
total shares
A Individual
1 Shri Bhavarlal H. Jain 26,55,240 0.58 0 26,55,240 0.58 0 -
2 Shri Ashok B. Jain 18,57,485 0.41 0.11 18,57,485 0.40 0 -
3 Smt. Jyoti Ashok Jain 33,81,500 0.74 0.15 33,81,500 0.73 0 (0.01)
4 Arohi Ashok Jain 2,73,565 0.06 0 2,73,565 0.06 0 -
5 Aatman Ashok Jain 50,000 0.01 0 50,000 0.01 0 -
6 Shri Anil B. Jain 1,13,690 0.02 0 1,13,690 0.02 0 -
7 Smt. Nisha Anil Jain 15,38,750 0.34 0.15 15,38,750 0.33 0 (0.01)
8 Athang Anil Jain 1,32,760 0.03 0 1,32,760 0.03 0 -
9 Amoli Anil Jain 3,15,320 0.07 0 3,15,320 0.07 0 -
10 Ashuli Anil Jain 1,37,950 0.03 0 1,37,950 0.03 0 -
11 Shri Ajit B. Jain 93,40,205 2.04 1.48 93,40,205 2.03 0.17 (0.01)
12 Smt. Shobhana Ajit Jain 4,65,745 0.10 0 4,65,745 0.10 0 -
13 Abhedya Ajit Jain 89,635 0.02 0 89,635 0.02 0 -
14 Abhang Ajit Jain 50,000 0.01 0 50,000 0.01 0 -
15 Shri Atul B. Jain 1,75,980 0.04 0 1,75,980 0.04 0 -
16 Smt. Bhavana Atul Jain 10,000 0.00 0 10,000 0.00 0 -
B Bodies Corporate
Jalgaon Investments
17 10,41,05,000 22.77 5.33 10,41,05,000 22.62 4.24 (0.15)
Pvt. Ltd.
Jain Brothers Ind. Pvt.
18 24,88,836 0.54 0.44 24,88,836 0.54 0 -
Ltd.
19 JAF Products Pvt. Ltd. 1,41,00,000 3.08 0 1,41,00,000 3.06 0 (0.02)
Total 14,12,81,661 30.90 7.66 14,12,81,661 30.70 4.41 (0.20)

Shareholding of Promoter- DVR Equity Shares

Sr. Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year- %
No. 1st April, 2016 31st March, 2017 Change
No. of % of total % of Shares No. of % of total % of Shares in share
Shares Shares Pledged / Shares Shares Pledged holding
of the encumbered of the / encum during
Company to total shares Company -bered to the year
total shares
A Individual
1) Shri Bhavarlal H. Jain 1,32,762 0.69 - 1,32,762 0.69 - -
2) Shri Ashok B. Jain 92,873 0.48 0.13 92,873 0.48 - -
3) Smt. Jyoti Ashok Jain 1,69,075 0.88 0.18 1,69,075 0.88 - -
4) Arohi Ashok Jain 13,678 0.07 - 13,678 0.07 - -
5) Aatman Ashok Jain 2,500 0.01 - 2,500 0.01 - -
6) Shri Anil B. Jain 5,684 0.03 - 5,684 0.03 - -
7) Smt. Nisha Anil Jain 76,937 0.40 0.18 76,937 0.40 - -
8) Athang Anil Jain 6,638 0.03 - 6,638 0.03 - -
9) Amoli Anil Jain 15,766 0.08 - 15,766 0.08 - -
10) Ashuli Anil Jain 6,897 0.04 - 6,897 0.04 - -
11) Shri Ajit B. Jain 4,67,010 2.42 2.41 4,67,010 2.42 - -
12) Smt. Shobhana Ajit Jain 23,287 0.12 - 23,287 0.12 - -
13) Abhedya Ajit Jain 4,481 0.02 - 4,481 0.02 - -
14) Abhang Ajit Jain 2,500 0.01 - 2,500 0.01 - -
15) Shri Atul B. Jain 8,798 0.05 - 8,798 0.05 - -

177
 Jain Irrigation Systems Ltd.

Sr. Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year- %
No. 1st April, 2016 31st March, 2017 Change
No. of % of total % of Shares No. of % of total % of Shares in share
Shares Shares Pledged / Shares Shares Pledged holding
of the encumbered of the / encum during
Company to total shares Company -bered to the year
total shares
16) Smt. Bhavana Atul Jain 500 0.00 - 500 0.00 - -
B Bodies Corporate
17) Jalgaon Investments 48,30,250 25.03 - 48,30,250 25.03 - -
Pvt. Ltd.
18) Jain Brothers Ind. Pvt. Ltd - - - - - - -
Total 58,59,636 30.37 2.90 58,59,636 30.37 - -

C) Change in Promoters’ Shareholding -Ordinary Equity Shares

Sr. Name Shareholding at the Transactions during the year Cumulative
No. beginning of the year 1st Shareholding at the
April, 2016 end of the year-
31st March, 2017
Number of % of total Date of Type of Number Number % of total
Shares held Shares Transac- Transac- of of Shares Shares
of the tion tion Shares held of the
Company held Company
1) Shri Bhavarlal H. Jain 26,55,240 0.58 - - - 26,55,240 0.58
2) Shri Ashok B. Jain 18,57,485 0.41 - - - 18,57,485 0.40
3) Smt. Jyoti Ashok Jain 33,81,500 0.74 - - - 33,81,500 0.73
4) Arohi Ashok Jain 2,73,565 0.06 - - - 2,73,565 0.06
5) Aatman Ashok Jain 50,000 0.01 - - - 50,000 0.01
6) Shri Anil B. Jain 1,13,690 0.02 - - - 1,13,690 0.02
7) Smt. Nisha Anil Jain 15,38,750 0.34 - - - 15,38,750 0.33
8) Athang Anil Jain 1,32,760 0.03 - - - 1,32,760 0.03
9) Amoli Anil Jain 3,15,320 0.07 - - - 3,15,320 0.07
10) Ashuli Anil Jain 1,37,950 0.03 - - - 1,37,950 0.03
11) Shri Ajit B. Jain 93,40,205 2.04 - - - 93,40,205 2.03
12) Smt. Shobhana Ajit Jain 4,65,745 0.10 - - - 4,65,745 0.10
13) Abhedya Ajit Jain 89,635 0.02 - - - 89,635 0.02
14) Abhang Ajit Jain 50,000 0.01 - - - 50,000 0.01
15) Shri Atul B. Jain 1,75,980 0.04 - - - 1,75,980 0.04
16) Smt. Bhavana Atul Jain 10,000 0.00 - - - 10,000 0.00
17) Jalgaon Investments 10,41,05,000 22.77 - - - 10,41,05,000 22.62
Private Limited.
18) Jain Brothers Industries 24,88,836 0.54 - - - 24,88,836 0.54
Private Limited.
19) JAF Products Private 1,41,00,000 3.08 - - - 1,41,00,000 3.06
Limited
Total 14,12,81,661 30.90 - - - 14,12,81,661 30.70
Note : Ordinary Equity shares at beginning of the year is 45,72,19,978 and at the end of the year is 46,01,66,053.

Change in Promoters’ Shareholding –DVR Equity Shares

Sr Name Shareholding at the Transactions during the year Cumulative
No. beginning of the year Shareholding at the
-1st April, 2016 end of the year-
31st March, 2017
Number of % of total Date of Type of Number Number % of total
Shares held Shares Transac- Transac- of of Shares Shares
of the tion tion Shares held of the
Company held Company
1) Shri Bhavarlal H. Jain 1,32,762 0.69 - - - 1,32,762 0.69
2) Shri Ashok B. Jain 92,873 0.48 - - - 92,873 0.48
3) Smt. Jyoti Ashok Jain 1,69,075 0.88 - - - 1,69,075 0.88

178
Sr Name Shareholding at the Transactions during the year Cumulative
No. beginning of the year Shareholding at the
-1st April, 2016 end of the year-
31st March, 2017
Number of % of total Date of Type of Number Number % of total
Shares held Shares Transac- Transac- of of Shares Shares
of the tion tion Shares held of the
Company held Company
4) Arohi Ashok Jain 13,678 0.07 - - - 13,678 0.07
5) Aatman Ashok Jain 2,500 0.01 - - - 2,500 0.01
6) Shri Anil B. Jain 5,684 0.03 - - - 5,684 0.03
7) Smt. Nisha Anil Jain 76,937 0.40 - - - 76,937 0.40
8) Athang Anil Jain 6,638 0.03 - - - 6,638 0.03
9) Amoli Anil Jain 15,766 0.08 - - - 15,766 0.08
10) Ashuli Anil Jain 6,897 0.04 - - - 6,897 0.04
11) Shri Ajit B. Jain 4,67,010 2.42 - - - 4,67,010 2.42
12) Smt. Shobhana Ajit Jain 23,287 0.12 - - - 23,287 0.12
13) Abhedya Ajit Jain 4,481 0.02 - - - 4,481 0.02
14) Abhang Ajit Jain 2,500 0.01 - - - 2,500 0.01
15) Shri Atul B. Jain 8,798 0.05 - - - 8,798 0.05
16) Smt. Bhavana Atul Jain 500 0.00 - - - 500 0.00
17) Jalgaon Investments 48,30,250 25.03 - - - 48,30,250 25.03
Private Limited.
Total 58,59,636 30.37 - - - 58,59,636 30.37

D) Shareholding Pattern of top ten Shareholders : Ordinary Equity Shares


1VJGTVJCP&KTGEVQTU2TQOQVGTUCPF*QNFGTUQH)&4UCPF#&4U
Sr Name Shareholding at the Transaction during the year Cumulative
No. beginning of the year Shareholding at the
1st April, 2016 end of the year
31st March, 2017
Number of % of total Date of Type of Number of Number of % of
Shares Shares Transac- Transac- Shares Shares total
of the tion tion Shares
Company of the
Company
1) MKCP 3,51,54,335 7.69 08 Jul 2016 Sale/Transfer (5,87,830) 3,45,66,505 7.56
Institutional 15 Jul 2016 Sale/Transfer (18,34,417) 3,27,32,088 7.11
Investor
(Mauritius) II 22 Jul 2016 Sale/Transfer (23,66,779) 3,03,65,309 6.60
Ltd 29 Jul 2016 Sale/Transfer (33,21,324) 2,70,43,985 5.88
05 Aug 2016 Sale/Transfer (41,65,655) 2,28,78,330 4.97
12 Aug 2016 Sale/Transfer (41,00,886) 1,87,77,444 4.08
19 Aug 2016 Sale/Transfer (58,74,413) 1,29,03,031 2.80
26 Aug 2016 Sale/Transfer (78,13,888) 50,89,143 1.11
02 Sep 2016 Sale/Transfer (50,89,143) 0 0
At the end of
3,51,54,335 7.69 (3,51,54,335) 0 0
the year
2) International 1,31,86,710 2.89 - - - 1,31,86,710 2.87
Finance
Corporation
At the end of
1,31,86,710 2.89 1,31,86,710 2.87
the year
3) Templeton 1,21,28,940 2.65 02 Sep 2016 Sale/Transfer (4,35,890) 1,16,93,050 2.54
Funds
-Templeton
Foreign Fund
At the end of
1,21,28,940 2.65 (4,35,890) 1,16,93,050 2.54
the year

179
 Jain Irrigation Systems Ltd.

Sr Name Shareholding at the Transaction during the year Cumulative

No. beginning of the year Shareholding at the
1st April, 2016 end of the year
31st March, 2017
Number of % of total Date of Type of Number of Number of % of
Shares Shares Transac- Transac- Shares Shares total
of the tion tion Shares
Company of the
Company
4) Macquarie 1,01,58,360 2.22 1,01,58,360 2.22
Bank Limited 17 Jun 2016 Sale/Transfer (11,71,000) 89,87,360 1.97
24 Jun 2016 Sale/Transfer (20,69,234) 69,18,126 1.51
30 Jun 2016 Sale/Transfer (46,02,032) 23,16,094 0.51
01 Jul 2016 Sale/Transfer (10,10,000) 13,06,094 0.29
08 Jul 2016 Sale/Transfer (5,32,376) 7,73,718 0.17
07 Oct 2016 Sale/Transfer (5,57,718) 2,16,000 0.05
14 Oct 2016 Sale/Transfer (2,16,000) - 0.00
At the end of
10158360 2.22 (1,01,58,360) - 0.00
the year
5) Flowers Valley 63,00,000 1.38 63,00,000 1.38
Private Limited 22 Apr 2016 Purchase 2,99,976 65,99,976 1.44
10 Jun 2016 Purchase 24 66,00,000 1.44
17 Jun 2016 Purchase 40,000 66,40,000 1.45
At the end of
63,00,000 1.38 3,40,000 66,40,000 1.45
the year
6) Dimensional 79,87,070 1.75 79,87,070 1.75
Emerging 08 Jul 2016 Sale/Transfer (3,86,248) 76,00,822 1.66
Markets Value
fund 15 Jul 2016 Sale/Transfer (3,75,262) 72,25,560 1.58
22 Jul 2016 Sale/Transfer (3,14,743) 69,10,817 1.51
16 Dec 2016 Purchase 13,495 69,24,312 1.50
24 Mar 2017 Sale/Transfer (2,08,580) 67,15,732 1.46
31 Mar 2017 Sale/Transfer (58,074) 66,57,658 1.45
At the end of
79,87,070 1.75 (13,29,412) 66,57,658 1.45
the year
7) Calvert Impact 62,82,276 1.37 62,82,276 1.37
Fund, Inc- 29 Apr 2016 Sale/Transfer (23,21,360) 39,60,916 0.87
Calvert Global
Water Fund 13 May 2016 Purchase 2,05,640 41,66,556 0.91
24 Jun 2016 Purchase 6,29,231 47,95,787 1.05
23 Sep 2016 Sale/Transfer (17,90,162) 30,05,625 0.65
28 Oct 2016 Sale/Transfer (14,692) 29,90,933 0.65
23 Dec 2016 Sale/Transfer (3,85,349) 26,05,584 0.57
27 Jan 2017 Sale/Transfer (44,903) 25,60,681 0.56
03 Mar 2017 Sale/Transfer (42,678) 25,18,003 0.55
10 Mar 2017 Purchase 44,689 25,62,692 0.56
24 Mar 2017 Sale/Transfer (42,158) 25,20,534 0.55
At the end of
62,82,276 1.37 (37,61,742) 25,20,534 0.55
the year
8) Barclays 46,76,000 1.02 46,76,000 1.02
Capital 08 Apr 2016 Sale/Transfer (3,12,000) 43,64,000 0.95
Mauritius
Limited 29 Apr 2016 Sale/Transfer (9,20,000) 34,44,000 0.75
27 May 2016 Sale/Transfer (34,44,000) - 0
At the end of
46,76,000 1.02 (46,76,000) 0 0
the year
9) Kotak Equity 48,40,000 1.06
48,40,000 1.06
Arbitrage Fund
08 Apr 2016 Sale/Transfer (12,88,000) 35,52,000 0.78
30 Jun 2016 Sale/Transfer (2,000) 35,50,000 0.78

180
Sr Name Shareholding at the Transaction during the year Cumulative
No. beginning of the year Shareholding at the
1st April, 2016 end of the year
31st March, 2017
Number of % of total Date of Type of Number of Number of % of
Shares Shares Transac- Transac- Shares Shares total
of the tion tion Shares
Company of the
Company
01 Jul 2016 Sale/Transfer (5,98,000) 29,52,000 0.65
08 Jul 2016 Purchase 2,79,000 32,31,000 0.71
29 Jul 2016 Sale/Transfer (5,13,000) 27,18,000 0.59
26 Aug 2016 Purchase 10,80,000 37,98,000 0.83
02 Sep 2016 Purchase 17,64,000 55,62,000 1.22
16 Sep 2016 Sale/Transfer (11,97,000) 43,65,000 0.95
23 Sep 2016 Sale/Transfer (9,000) 43,56,000 0.95
30 Sep 2016 Sale/Transfer (2,79,000) 40,77,000 0.89
28 Oct 2016 Purchase 81,000 41,58,000 0.90
04 Nov 2016 Purchase 81,000 42,39,000 0.92
09 Dec 2016 Purchase 9,000 42,48,000 0.92
At the end of
48,40,000 1.06 (5,92,000) 42,48,000 0.92
the year
10) Templeton 56,00,954 1.23 56,00,954 1.23
Institutional 30 Jun 2016 Sale/Transfer (83,908) 55,17,046 1.21
Funds - Foreign
Smaller 01 Jul 2016 Purchase (2,18,972) 52,98,074 1.16
Companies 30 Sep 2016 Sale/Transfer (16,63,733) 36,34,341 0.79
Series 16 Dec 2016 Sale/Transfer (68,758) 35,65,583 0.77
At the end of
56,00,954 1.23 (20,35,371) 35,65,583 0.77
the year
11 ) College 6,02,635 0.13 6,02,635 0.13
Retirement 08 Apr 2016 Purchase 23,49,803 29,52,438 0.65
Equities Fund -
Global Equities 22 Apr 2016 Purchase 12,27,435 41,79,873 0.91
Account 29 Apr 2016 Purchase 7,76,389 49,56,262 1.08
06 May 2016 Purchase 23,86,477 73,42,739 1.61
13 May 2016 Purchase 4,650 73,47,389 1.61
17 Jun 2016 Purchase 36,104 73,83,493 1.61
30 Jun 2016 Purchase 14,34,500 88,17,993 1.93
05 Aug 2016 Purchase 49,37,233 1,37,55,226 3.01
12 Aug 2016 Purchase 31,24,345 1,68,79,571 3.69
19 Aug 2016 Purchase 65,92,831 2,34,72,402 5.13
02 Sep 2016 Purchase 20,00,000 2,54,72,402 5.57
16 Sep 2016 Sale/Transfer (38,48,210) 2,16,24,192 4.70
30 Sep 2016 Sale/Transfer (8,84,500) 2,07,39,692 4.51
18 Nov 2016 Sale/Transfer (4,00,000) 2,03,39,692 4.42
20 Jan 2017 Sale/Transfer (3,61,550) 1,99,78,142 4.34
17 Feb 2017 Sale/Transfer (7,68,800) 1,92,09,342 4.17
10 Mar 2017 Sale/Transfer (17,26,606) 1,74,82,736 3.80
24 Mar 2017 Purchase 8,25,000 1,83,07,736 3.98
31 Mar 2017 Sale/Transfer (21,241) 1,82,86,495 3.97
At the end of
1,76,83,860 1,82,86,495 3.97
the year

181
 Jain Irrigation Systems Ltd.

Sr Name Shareholding at the Transaction during the year Cumulative

No. beginning of the year Shareholding at the
1st April, 2016 end of the year
31st March, 2017
Number of % of total Date of Type of Number of Number of % of
Shares Shares Transac- Transac- Shares Shares total
of the tion tion Shares
Company of the
Company
12) Morgan - 0 - 0.00
Stanley
29 Apr 2016 Purchase 96,000 96,000 0.02
Mauritius
Company 06 May 2016 Purchase 72,000 1,68,000 0.04
Limited 27 May 2016 Purchase 48,000 2,16,000 0.05
03 Jun 2016 Purchase 64,000 2,80,000 0.06
10 Jun 2016 Sale/Transfer (24,249) 2,55,751 0.06
17 Jun 2016 Sale/Transfer (64,000) 1,91,751 0.04
24 Jun 2016 Sale/Transfer (9,578) 1,82,173 0.04
30 Jun 2016 Purchase 48,000 2,30,173 0.05
08 Jul 2016 Purchase 13,79,385 16,09,558 0.35
15 Jul 2016 Purchase 2,92,352 19,01,910 0.42
22 Jul 2016 Purchase 5,48,182 24,50,092 0.54
29 Jul 2016 Purchase 5,04,000 29,54,092 0.65
05 Aug 2016 Purchase 67,717 30,21,809 0.66
19 Aug 2016 Purchase 4,00,239 34,22,048 0.75
26 Aug 2016 Purchase 27,38,596 61,60,644 1.35
02 Sep 2016 Purchase 3,83,613 65,44,257 1.43
09 Sep 2016 Sale/Transfer (11,97,584) 53,46,673 1.16
16 Sep 2016 Purchase 96,520 54,43,193 1.18
23 Sep 2016 Purchase 3,68,079 58,11,272 1.26
30 Sep 2016 Sale/Transfer (10,81,768) 47,29,504 1.03
07 Oct 2016 Purchase 28,21,281 75,50,785 1.64
14 Oct 2016 Purchase 9,19,620 84,70,405 1.84
21 Oct 2016 Purchase 10,70,834 95,41,239 2.07
28 Oct 2016 Purchase 19,83,770 1,15,25,009 2.50
04 Nov 2016 Purchase 6,37,358 1,21,62,367 2.64
11 Nov 2016 Sale/Transfer (13,14,188) 1,08,48,179 2.36
18 Nov 2016 Sale/Transfer (24,77,670) 83,70,509 1.82
25 Nov 2016 Sale/Transfer (9,73,238) 73,97,271 1.61
02 Dec 2016 Sale/Transfer (3,41,787) 70,55,484 1.53
09 Dec 2016 Sale/Transfer (3,91,186) 66,64,298 1.45
16 Dec 2016 Sale/Transfer (74,083) 65,90,215 1.43
23 Dec 2016 Purchase 6,49,639 72,39,854 1.57
30 Dec 2016 Purchase 19,880 72,59,734 1.58
06 Jan 2017 Sale/Transfer (8,38,668) 64,21,066 1.40
13 Jan 2017 Sale/Transfer (3,28,517) 60,92,549 1.32
20 Jan 2017 Purchase 1,84,319 62,76,868 1.36
27 Jan 2017 Purchase 1,67,084 64,43,952 1.40
03 Feb 2017 Purchase 12,09,765 76,53,717 1.66
10 Feb 2017 Purchase 11,82,683 88,36,400 1.92
17 Feb 2017 Sale/Transfer (1,74,924) 86,61,476 1.88
24 Feb 2017 Purchase 5,12,633 91,74,109 1.99
03 Mar 2017 Purchase 1,88,744 93,62,853 2.03
10 Mar 2017 Purchase 1,73,994 95,36,847 2.07
17 Mar 2017 Purchase 1,51,838 96,88,685 2.11

182
Sr Name Shareholding at the Transaction during the year Cumulative
No. beginning of the year Shareholding at the
1st April, 2016 end of the year
31st March, 2017
Number of % of total Date of Type of Number of Number of % of
Shares Shares Transac- Transac- Shares Shares total
of the tion tion Shares
Company of the
Company
24 Mar 2017 Purchase 1,37,858 98,26,543 2.14
31 Mar 2017 Purchase 16,13,427 1,14,39,970 2.49
At the end of
0 0 1,14,39,970 1,14,39,970 2.49
the year
13) SR Global - 0 - 0.00
(Mauritius) 23 Sep 2016 Purchase 3,22,293 3,22,293 0.07
Limited -
(Class C 30 Sep 2016 Purchase 6,77,707 10,00,000 0.22
International) 07 Oct 2016 Purchase 10,00,000 20,00,000 0.43
11 Nov 2016 Purchase 12,90,675 32,90,675 0.72
18 Nov 2016 Purchase 5,29,198 38,19,873 0.83
25 Nov 2016 Purchase 11,80,127 50,00,000 1.09
02 Dec 2016 Purchase 10,00,000 60,00,000 1.30
09 Dec 2016 Purchase 10,00,000 70,00,000 1.52
16 Dec 2016 Purchase 10,00,000 80,00,000 1.74
At the end of
- - 80,00,000 80,00,000 1.74
the year
14) Didner & - - - 0.00
Gerge Global 20 Jan 2017 Purchase 10,00,000 10,00,000 0.22
27 Jan 2017 Purchase 8,00,000 18,00,000 0.39
03 Feb 2017 Purchase 5,00,000 23,00,000 0.50
10 Feb 2017 Purchase 59,726 23,59,726 0.51
17 Feb 2017 Purchase 7,00,274 30,60,000 0.66
24 Feb 2017 Purchase 10,93,142 41,53,142 0.90
03 Mar 2017 Purchase 15,38,199 56,91,341 1.24
10 Mar 2017 Purchase 3,08,659 60,00,000 1.30
17 Mar 2017 Purchase 4,13,643 64,13,643 1.39
24 Mar 2017 Purchase 3,36,357 67,50,000 1.47
At the end of
- - 67,50,000 67,50,000 1.47
the year
15) TIAA-CREF - - - -
Funds - 16 Sep 2016 Purchase 33,00,060 33,00,060 0.72
TIAA-CREF
Emerging 23 Sep 2016 Purchase 32,25,953 65,26,013 1.42
Markets Equity 07 Oct 2016 Purchase 15,00,000 80,26,013 1.74
Fund 17 Feb 2017 Sale/Transfer (17,16,800) 63,09,213 1.37
At the end of
63,09,213 63,09,213 1.37
the year
16) CITIBANK N.A. - - 0.00
08 Apr 2016 Purchase 8,000 8,000 0.00
15 Apr 2016 Purchase 1,66,520 1,74,520 0.04
06 May 2016 Sale/Transfer (62,520) 1,12,000 0.02
20 May 2016 Sale/Transfer (80,000) 32,000 0.01
27 May 2016 Purchase 41,000 73,000 0.02
03 Jun 2016 Sale/Transfer (49,000) 24,000 0.01
10 Jun 2016 Sale/Transfer (8,000) 16,000 0.00
17 Jun 2016 Purchase 4,47,426 4,63,426 0.10
24 Jun 2016 Purchase 2,73,574 7,37,000 0.16

183
 Jain Irrigation Systems Ltd.

Sr Name Shareholding at the Transaction during the year Cumulative

No. beginning of the year Shareholding at the
1st April, 2016 end of the year
31st March, 2017
Number of % of total Date of Type of Number of Number of % of
Shares Shares Transac- Transac- Shares Shares total
of the tion tion Shares
Company of the
Company
30 Jun 2016 Sale/Transfer (70,156) 6,66,844 0.15
01 Jul 2016 Purchase 6,47,120 13,13,964 0.29
08 Jul 2016 Sale/Transfer (5,97,716) 7,16,248 0.16
15 Jul 2016 Sale/Transfer (5,50,409) 1,65,839 0.04
22 Jul 2016 Sale/Transfer (83,110) 82,729 0.02
29 Jul 2016 Purchase 18,16,271 18,99,000 0.42
05 Aug 2016 Sale/Transfer (17,68,031) 1,30,969 0.03
12 Aug 2016 Purchase 22,031 1,53,000 0.03
26 Aug 2016 Purchase 13,68,291 15,21,291 0.33
02 Sep 2016 Sale/Transfer (11,61,243) 3,60,048 0.08
09 Sep 2016 Purchase 5,40,624 9,00,672 0.20
16 Sep 2016 Purchase 80,328 9,81,000 0.21
30 Sep 2016 Purchase 9,29,884 19,10,884 0.42
14 Oct 2016 Sale/Transfer (15,76,187) 3,34,697 0.07
04 Nov 2016 Sale/Transfer (3,16,697) 18,000 0.00
11 Nov 2016 Purchase 5,67,496 5,85,496 0.13
18 Nov 2016 Sale/Transfer (5,34,622) 50,874 0.01
25 Nov 2016 Purchase 13,66,930 14,17,804 0.31
02 Dec 2016 Sale/Transfer (13,21,767) 96,037 0.02
16 Dec 2016 Sale/Transfer (81,324) 14,713 0.00
23 Dec 2016 Purchase 25,958 40,671 0.01
30 Dec 2016 Purchase 8,31,329 8,72,000 0.19
06 Jan 2017 Sale/Transfer (8,55,131) 16,869 0.00
27 Jan 2017 Purchase 1,45,131 1,62,000 0.04
03 Feb 2017 Sale/Transfer (1,52,500) 9,500 0.00
10 Feb 2017 Purchase 44,500 54,000 0.01
17 Feb 2017 Sale/Transfer (45,651) 8,349 0.00
24 Feb 2017 Purchase 27,651 36,000 0.01
03 Mar 2017 Purchase 36,000 72,000 0.02
10 Mar 2017 Sale/Transfer (70,270) 1,730 0.00
24 Mar 2017 Purchase 59,531 61,261 0.01
31 Mar 2017 Purchase 52,28,253 52,89,514 1.15
At the end of
- - 52,89,514 52,89,514 1.15
the year

Note:

 2CKFWR5JCTG%CRKVCNQHVJG%QORCP[
(CEG8CNWG`CVVJGDGIKPPKPIQHVJG[GCTKU1TFKPCT['SWKV[
Shares and end of the year is 46,01,66,053 Ordinary Equity Shares.

 6JGFGVCKNUQHJQNFKPIJCUDGGPENWDDGFDCUGFQP2#0

3) % of total Shares of the Company at beginning and transaction up to 2nd September 2016 is based on issued Shares of
VJG%QORCP[CVVJGDGIKPPKPIQHVJG;GCT
1TFKPCT['SWKV[5JCTGUCPFVTCPUCEVKQPHTQOrd September,
2016 and at the end of the year is based on the issued shares at end of the year (460,166,053 Ordinary Equity shares)

184
Shareholding Pattern of top ten Shareholders: DVR Equity Shares

1VJGTVJCP&KTGEVQTU2TQOQVGTUCPF*QNFGTUQH)&4UCPF#&4U
Sr Name Shareholding at the Transactions during the year Cumulative
No. beginning of the year Shareholding at the end
-1st April, 2016 of the year – 31st March,
2017
Number of % of total Date of Number of % of total
Shares Shares Transaction Shares Shares
of the of the
Company Company
1) Jalgaon 48,30,250 48,30,250 25.03
InvestmentS 25.03
Private Ltd
At the end of
48,30,250 25.03 48,30,250 25.03
the year
2) Hardik Bharat - -
Patel 18 Nov 2016 Purchase 54,900 54,900 0.28
25 Nov 2016 Purchase 59,230 1,14,130 0.59
03 Feb 2017 Sale/Transfer (1,14,000) 130 0.00
03 Mar 2017 Purchase 2,14,840 2,14,970 1.11
10 Mar 2017 Purchase 70,476 2,85,446 1.48
17 Mar 2017 Purchase 35,886 3,21,332 1.67
24 Mar 2017 Sale/Transfer (2,21,274) 1,00,058 0.52
31 Mar 2017 Purchase 3,35,550 4,35,608 2.26
At the end of - - 4,35,608 4,35,608 2.26
the year
3) Competent 3,72,000 1.93 3,72,000 1.93
Finlease Private 13 May 2016 Purchase 50,000 4,22,000 2.19
Limited
At the end of
3,72,000 1.93 50,000 4,22,000 2.19
the year
4) Saurabh 3,39,462 1.76 3,39,462 1.76
Agrawal 06 May 2016 Purchase 29,990 3,69,452 1.91
27 May 2016 Purchase 20,010 3,89,462 2.02
At the end of
3,39,462 1.76 3,89,462 2.02
the year
5) International 3,30,677 1.71 3,30,677 1.71
Finance
Corporation
At the end of
3,30,677 1.71 3,30,677 1.71
the year
6) Nilima Upendra - - - -
Mehta 17 Jun 2016 Purchase 6,714 6,714 0.03
24 Jun 2016 Purchase 11,137 17,851 0.09
30 Jun 2016 Purchase 59,953 77,804 0.40
08 Jul 2016 Purchase 45,513 1,23,317 0.64
15 Jul 2016 Purchase 10,338 1,33,655 0.69
22 Jul 2016 Purchase 6,000 1,39,655 0.72
02 Sep 2016 Purchase 13,935 1,53,590 0.80
09 Sep 2016 Purchase 1,800 1,55,390 0.81
16 Sep 2016 Purchase 250 1,55,640 0.81
23 Sep 2016 Sale/Transfer (5,000) 1,50,640 0.78
30 Sep 2016 Purchase 20,736 1,71,376 0.89
07 Oct 2016 Purchase 29,104 2,00,480 1.04
21 Oct 2016 Purchase 762 2,01,242 1.04
23 Dec 2016 Purchase 6,970 2,08,212 1.08
30 Dec 2016 Purchase 18,498 2,26,710 1.18
06 Jan 2017 Sale/Transfer (4,353) 2,22,357 1.15
03 Feb 2017 Purchase 2,127 2,24,484 1.16

185
 Jain Irrigation Systems Ltd.

Sr Name Shareholding at the Transactions during the year Cumulative

No. beginning of the year Shareholding at the end
-1st April, 2016 of the year – 31st March,
2017
Number of % of total Date of Number of % of total
Shares Shares Transaction Shares Shares
of the of the
Company Company
10 Feb 2017 Purchase 12,472 2,36,956 1.23
17 Feb 2017 Purchase 29,210 2,66,166 1.38
24 Feb 2017 Purchase 5,122 2,71,288 1.41
03 Mar 2017 Purchase 13,792 2,85,080 1.48
At the end of
2,85,080 2,85,080 1.48
the year - -
7) M R Rajaram 2,54,225 1.32 2,54,225 1.32
08 Apr 2016 Purchase 15,000 2,69,225 1.40
22 Apr 2016 Purchase 5,000 2,74,225 1.42
03 Jun 2016 Purchase 7,000 2,81,225 1.46
08 Jul 2016 Purchase 5,000 2,86,225 1.48
16 Sep 2016 Sale/Transfer (10,000) 2,76,225 1.43
07 Oct 2016 Purchase 10,000 2,86,225 1.48
21 Oct 2016 Sale/Transfer (10,000) 2,76,225 1.43
04 Nov 2016 Sale/Transfer (1,000) 2,75,225 1.43
18 Nov 2016 Sale/Transfer (10,000) 2,65,225 1.37
09 Dec 2016 Sale/Transfer (14,000) 2,51,225 1.30
30 Dec 2016 Purchase 2,000 2,53,225 1.31
13 Jan 2017 Sale/Transfer (5,000) 2,48,225 1.29
27 Jan 2017 Sale/Transfer (3,000) 2,45,225 1.27
10 Feb 2017 Purchase 10,000 2,55,225 1.32
17 Feb 2017 Purchase 16,000 2,71,225 1.41
17 Mar 2017 Sale/Transfer (9,000) 2,62,225 1.36
At the end of
2,54,225 1.32 8,000 2,62,225 1.36
the year
8) Ruchit Bharat - - - -
Patel 18 Nov 2016 Purchase 55,805 55,805 0.29
25 Nov 2016 Purchase 47,311 1,03,116 0.53
10 Mar 2017 Purchase 46,056 1,49,172 0.77
17 Mar 2017 Purchase 7,180 1,56,352 0.81
24 Mar 2017 Sale/Transfer (1,46,042) 10,310 0.05
31 Mar 2017 Purchase 2,46,294 2,56,604 1.33
At the end of
- - 2,56,604 2,56,604 1.33
the year
9) Manish 2,10,000 1.09 2,10,000 1.09
Santoshkumar
Kejriwal
At the end of
2,10,000 1.09 2,10,000 1.09
the year
10) Securities 2,00,000 1.04
Holdings India 2,00,000 1.04
Private Limited
At the end of
2,00,000 1.04 2,00,000 1.04
the year
11) Sanjay 5,00,000 2.59 5,00,000 2.59
Ranchhodlal 22 Apr 2016 Sale/Transfer (5,00,000) - -
Shah
At the end of
5,00,000 2.59 - -
the year

186
 Sr Name Shareholding at the Transactions during the year Cumulative
No. beginning of the year Shareholding at the end
-1st April, 2016 of the year – 31st March,
2017
Number of % of total Date of Number of % of total
Shares Shares Transaction Shares Shares
of the of the
Company Company
12) 4A Financial 1,87,500 0.97 1,87,500 0.97
Securities Ltd 22 Apr 2016 Purchase 50,000 2,37,500 1.23
13 May 2016 Sale/Transfer (50,000) 1,87,500 0.97
09 Sep 2016 Sale/Transfer (24,000) 1,63,500 0.85
11 Nov 2016 Sale/Transfer (1,20,000) 43,500 0.23
25 Nov 2016 Sale/Transfer (43,500) - -
At the end of
1,87,500 0.97 - -
the year
13) Avtar 1,87,500 0.97 1,87,500 0.97
Instalments 09 Sep 2016 Purchase 24,000 2,11,500 1.10
Private Limited
11 Nov 2016 Sale/Transfer (2,11,500) - -
At the end of
1,87,500 0.97 - -
the year

Note:

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DVR Equity Shares).

E) Shareholding of Directors and Key Managerial Personnel: Ordinary Equity Shares

Name of Directors and Key Managerial Personnel Shareholding at the Cumulative
beginning of the year Shareholding during
1st April 2016 the year
No. of % of total No. of % of total
shares shares shares shares
of the of the
Company Company
Shri Ashok B Jain
At the beginning of the year 18,57,485 0.41 18,57,485 0.40
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 18,57,485 0.41 18,57,485 0.40
Shri Anil B. Jain
At the beginning of the year 1,13,690 0.02 1,13,690 0.02
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 1,13,690 0.02 1,13,690 0.02
Shri Ajit B. Jain
At the beginning of the year 93,40,205 2.04 93,40,205 2.03
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 93,40,205 2.04 93,40,205 2.03
Shri Atul B. Jain
At the beginning of the year 1,75,980 0.04 1,75,980 0.04
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):

187
 Jain Irrigation Systems Ltd.

Name of Directors and Key Managerial Personnel Shareholding at the Cumulative

beginning of the year Shareholding during
1st April 2016 the year
No. of % of total No. of % of total
shares shares shares shares
of the of the
Company Company
At the end of the year 1,75,980 0.04 1,75,980 0.04
Shri R. Swaminathan
At the beginning of the year 1,77,260 0.04 1,77,260 0.04
Allotment in excessive of Esop Option on 03.09.2016 30,000 0.01 207,260 0.05
At the end of the year 207,260 0.05 207,260 0.05
Shri Devendra Raj Mehta
At the beginning of the year 25,000 0.01 25,000 0.01
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 25,000 0.01 25,000 0.01
Shri Ghanshyam Dass
At the beginning of the year - - - -
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year - - - -
Smt. Radhika Pereira
At the beginning of the year 25,000 0.01 25,000 0.01
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 25,000 0.01 25,000 0.01
Shri Vasant V. Warty
At the beginning of the year - - - -
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year - - - -
Shri Harishchandra Prasad Singh
At the beginning of the year - - - -
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year - - - -
Shri Manoj L. Lodha
At the beginning of the year 2,67,500 0.06 2,67,500 0.06
Allotment in exercise of ESOP Option on 03.09.2016 3,71,000 0.08 6,38,500 0.14
At the end of the year 6,38,500 0.14 6,38,500 0.14
Shri Avdhut V. Ghodgaonkar
At the beginning of the year 1,27,452 0.03 1,27,452 0.03
Allotment in exercise of ESOP Option on 03.09.2016 83,600 0.02 2,11,052 0.05
At the end of the year 2,11,052 0.05 2,11,052 0.05

188
Shareholding of Directors and Key Managerial Personnel: DVR Equity Shares
Name of Directors and Key Managerial Personnel Shareholding at the Cumulative
beginning of the year Shareholding during
1st April, 2016 the year
No. of % of total No. of % of total
shares shares shares shares
of the of the
Company Company
Shri Ashok B. Jain
At the beginning of the year 92,873 0.48 92,873 0.48
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 92,873 0.48 92,873 0.48
Shri Anil B. Jain
At the beginning of the year 5,684 0.03 5,684 0.03
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 5,684 0.03 5,684 0.03
Shri Ajit B. Jain
At the beginning of the year 4,67,010 2.42 4,67,010 2.42
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 4,67,010 2.42 4,67,010 2.42
Shri Atul B. Jain
At the beginning of the year 8,798 0.05 8,798 0.05
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 8,798 0.05 8,798 0.05
Shri R. Swaminathan
At the beginning of the year 8,863 0.05 8,863 0.05
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 8,863 0.05 8,863 0.05
Shri Devendra Raj Mehta
At the beginning of the year 1,250 0.01 1,250 0.01
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 1,250 0.01 1,250 0.01
Shri Ghanshyam Dass
At the beginning of the year - - - -
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year - - - -
Smt. Radhika Pereira
At the beginning of the year 1,250 0.01 1,250 0.01
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 1,250 0.01 1,250 0.01

189
 Jain Irrigation Systems Ltd.

Name of Directors and Key Managerial Personnel Shareholding at the Cumulative

beginning of the year Shareholding during
1st April, 2016 the year
No. of % of total No. of % of total
shares shares shares shares
of the of the
Company Company
Shri Vasant V. Warty
At the beginning of the year - - - -
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year - - - -
Shri Harishchandra Prasad Singh
At the beginning of the year - - - -
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year - - - -
Shri Manoj L. Lodha
At the beginning of the year 13,375 0.07 13,375 0.07
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 13,375 0.07 13,375 0.07
Shri Avdhut V. Ghodgaonkar
At the beginning of the year 14,632 0.08 14,632 0.08
Date wise Increase / Decrease in Promoters Shareholding during the
year specifying the reasons for increase /decrease (e.g. allotment / - - - -
transfer / bonus/ sweat equity etc.):
At the end of the year 14632 0.08 14632 0.08

V) INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment.
(` In Million)
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the financial year
i) Principal Amount 23,616.45 4,697.95 - 28,314.40
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 140.91 13.87 - 154.78
Total (i+ii+iii) 23,757.36 4711.82 - 28,469.18
Change in Indebtedness during the financial year
* Addition 915.05 142.47 - 1,057.52
* Reduction (12,808.05) (365.17) - (13,173.22)
Foreign Exchange Loss (44.99) (109.30) - (154.29)
Ind-As Adjustments (13.92) 235.56 - 221.64
Change in interest accrued but not due (39.54) (11.45) - (50.99)
Net Change (11,991.45) (107.89) - (12099.34)
Indebtedness at the end of the financial year
i) Principal Amount 11,664.54 4601.51 - 16266.05
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 101.37 2.42 - 103.79
Total (i+ii+iii) 11,765.91 4603.93 - 16369.84

190
VI) Remuneration of Directors and Key Managerial Personnel
A) Remuneration to Managing Director, Whole-time Directors and/or Manager:
Sr. Particulars of Name of MD/WTD/ Manager Total
No. Remuneration Shri Ashok B Shri Anil B Shri Ajit B Shri Atul B Shri R Amount
Jain Jain Jain Jain Swaminathan
1) Gross salary
(a) Salary as per 2,32,33,524 2,32,33,524 2,32,33,524 2,32,33,524 41,62,560 9,70,96,656
provisions contained
in section 17(1) of the
Income-tax Act, 1961
(b) Value of 1,07,53,477 1,09,03,480 1,07,53,480 1,07,53,480 17,34,072 4,48,97,989
perquisites u/s 17(2)
Income-tax Act, 1961
(c) Profits in lieu of - - - - - -
salary under section
17(3) Income- tax Act,
1961
2) Stock Option - - - - - -
3) Sweat Equity - - - - - -
4) Commission
- as 1% of profit 1,10,00,000 1,10,00,000 1,10,00,000 1,10,00,000 - 4,40,00,000
- others, specify - - - - - -
5) Others, please specify - - - - - -
Total (A) 4,49,87,001 4,51,37,004 4,49,87,004 4,49,87,004 58,96,632 18,59,94,645
Ceiling as per the Act 10%

B) Remuneration to other directors

Name of Independent Directors
Sr. Particulars of Shri D R Shri Shri V V Ms. Dr H.P. Total
No. Remuneration Mehta Ghanshyam Warty Radhika Singh Amount
Dass Pereira
1) Fee for attending 3,50,000 7,00,000 9,50,000 7,50,000 5,00,000 32,50,000
board and committee
meetings
Commission 15,00,000 15,00,000 15,00,000 15,00,000 15,00,000 75,00,000
Others, please specify - - - - - -
Total (1) 18,50,000 22,00,000 24,50,000 22,50,000 20,00,000 1,07,50,000
2) Other Non-Executive - - - - - -
Directors
Fee for attending - - - - - -
board committee
meetings
Commission - - - - - -
Others, please specify - - - - - -
Total (2) - - - - - -
Total (B)=(1+2) 18,50,000 22,00,000 24,50,000 22,50,000 20,00,000 1,07,50,000
Total Managerial
19,67,44,645
Remuneration
Overall Ceiling as 11%
per the Act (Ceiling utilized 10.53%)

191
 Jain Irrigation Systems Ltd.

C. Remuneration to Key Managerial Personnel Other than MD/Manager/WTD

Sr. Particulars of Remuneration Key Managerial Personnel

No. CEO* CS CFO Total
1) Gross salary
a) Salary as per provisions contained in section - 61,91,420 95,97,840 1,57,89,260
17(1) of the Income-tax Act, 1961
b) Value of perquisites u/s 17(2) Income-tax - - - -
Act, 1961
c) Profits in lieu of salary under section 17(3) - - - -
Income-tax Act, 1961
2) Stock Option - - - -
3) Sweat Equity - - - -
4) Commission - - - -
- as % of profit - - - -
others, specify… - - - -
5) Others, please specify - - - -
Total - 61,91,420 95,97,840 1,57,89,260

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VII) PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES

Type Section of the Brief Details of Authority [RD / Appeal made,
Companies Description Penalty / NCLT/ COURT] if any (give
Act Punishment/ Details)
Compounding
fees imposed
A. COMPANY
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
B. DIRECTORS
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
C. OTHER OFFICERS
IN DEFAULT
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -

192
Annexure VII
Remuneration to Directors

Independent / Non-Executive Directors

The Independent / Non-Executive Director’s remuneration and sitting fees paid/payable by the Company in the Financial
Year 2017 are as given below:
(Amount in `)
Sr. Name of Directors Commission Sitting Fees (`) Total
No. Board Meeting Committee
Meetings
1) Shri. D. R. Mehta 1,500,000 350,000 - 1,850,000
2) Shri. Ghanshyam Dass 1,500,000 350,000 350,000 2,200,000
3) Shri. V. V. Warty 1,500,000 300,000 650,000 2,450,000
4) Shri. H. P. Singh 1,500,000 350,000 150,000 2,000,000
5) Mrs. Radhika Pereira 1,500,000 200,000 550,000 2,250,000
Total 7,500,000 1,550,000 1,700,000 10,750,000

Shri. Ghanshyam Dass was appointed Director on the Board of Jain Farm Fresh Foods Ltd, subsidiary of the Company on
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pecuniary relationship or transaction with the Company, its subsidiaries and associates.
Executive Directors
Company had increased the remuneration paid to Executive Director(s) (except Shri. R. Swaminathan) after obtaining
consent of the Members of the Company by way of Special Resolution passed at 28th Annual General Meeting of the
Company held on 30th September, 2015. It is operative till 30th September, 2018.
6JGTGOWPGTCVKQPDGKPIRCKFVQVJG'ZGEWVKXG&KTGEVQTUKUYGNNYKVJKPVJGNKOKVUURGEKƒGFKPVJGPQVKƒECVKQPKUUWGFD[/KPKUVT[
of Corporate Affairs dated 12th September, 2016.

Current Terms of Remuneration

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Nomination and Remuneration Committee (NRC) based on various performance parameters applicable for unexpired
period of the appointment of Shri Ashok B. Jain, Shri Anil B. Jain, Shri Ajit B. Jain & Shri Atul B. Jain w.e.f. 01st October,
2016, inclusive of all perquisites, incentive, extra salary etc., but excluding the following (which shall be paid separately):
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iii) Leave encashment, if any, as per Company’s policy applicable.
b) ` 520,320 per month as monthly remuneration, based on various performance parameters applicable for unexpired
period of the appointment of to Shri R. Swaminathan, w.e.f. 1st October, 2015, inclusive of all perquisites, incentive, extra
salary etc., but excluding the following (which shall be paid separately):
K%QPVTKDWVKQPVQVJG2TQXKFGPV(WPF5WRGTCPPWCVKQP(WPF#PPWKV[(WPFCPFQT)TCVWKV[
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iii) Leave encashment, if any, as per Company’s policy applicable.
(Amount in `)
Name of Remuneration from Perquisites from Total Commi- Incen- Ret. Total
Executive Director 01.04.2016 01.10.2016 01.04.2016 01.10.2016 ssion tive Benefit
to to to to
30.09.2016 31.03.2017 30.09.2016 31.03.2017
Shri. Ashok B. Jain 94,99,998 1,37,33,526 45,62,328 61,91,149 3,39,87,001 1,10,00,000 - - 4,49,87,001
Shri. Anil B. Jain 94,99,998 1,37,33,526 47,12,328 61,91,152 3,41,37,004 1,10,00,000 - - 4,51,37,004
Shri. Ajit B. Jain 94,99,998 1,37,33,526 45,62,328 61,91,152 3,39,87,004 1,10,00,000 - - 4,49,87,004
Shri. Atul B. Jain 94,99,998 1,37,33,526 45,62,328 61,91,152 3,39,87,004 1,10,00,000 - - 4,49,87,004
Shri. R. Swaminathan 10,40,640 31,21,920 4,33,518 13,00,554 58,96,632 - - - 58,96,632
Total 3,90,40,632 5,80,56,024 1,88,32,830 2,60,65,159 14,19,94,645 4,40,00,000 - - 18,59,94,645

193
 Jain Irrigation Systems Ltd.

Annexure VIII
Disclosure on Managerial Remuneration

Information pursuant to Section 197 of the Companies Act, 2013 read with Rule 5(1)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 are given hereunder
i) The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the
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A) Executive Directors, Chief Financial Officer and Company Secretary

Sr. Name Designation Remuneration % of Ratio of Directors
No. (`) Increase Remuneration to
Median
(Number of Times)*
1) Shri. Ashok B. Jain Chairman 4,49,87,001 88.40 285.56
Vice Chairman & Managing
2) Shri. Anil B. Jain 4,51,37,004 87.84 286.51
Director
3) Shri. Ajit B. Jain Jt Managing Director 4,49,87,004 88.40 285.56
4) Shri. Atul B. Jain Jt Managing Director 4,49,87,004 88.40 285.56
5) Shri. R. Swaminathan Executive Director 58,96,632 Nil 37.43
6) Shri. Manoj L. Lodha Chief Financial Officer 95,97,840 13.38 60.92
7) Shri. A. V. Ghodgaonkar Company Secretary 61,91,420 15.51 39.30

B) Non Executive Directors

Sr. Name Designation Remuneration % of Ratio of Directors
No. (`) (Sitting Fees Increase Remuneration to
& Commission) Median
(Number of Times)
1) Shri. D. R. Mehta Independent Director 1,850,000 NA NA
2) Shri.Ghanshyam Dass Independent Director 2,200,000 NA NA
3) Shri. V. V. Warty Independent Director 2,450,000 NA NA
4) Shri. H. P. Singh Independent Director 2,000,000 NA NA
5) Mrs. Radhika Pereira Independent Director 2,250,000 NA NA
Total 10,750,000 Nil NA

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The Company has a biennial system for increment and appraisal.

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 'ORNQ[GGUCUQPst March, 2017.

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Particulars Amount 2016-17 Amount 2015-16 % Increase
(` in million) (` in million)
The net operational revenue 38,639.53 44,381.60 (12.94)
Employee cost 2,639.04 2,568.45 2.76
% of Employees cost to Net Turnover 6.83 5.79 -

194

XK%QORCTKUQPQHVJGTGOWPGTCVKQPQHVJG-G[/CPCIGTKCN2GTUQPPGNCICKPUVVJGRGTHQTOCPEGQHVJGEQORCP[

` in Million
st
Particulars As on 31 March 2016
Shri Shri Anil Shri Ajit Shri Atul Shri R. Shri Shri A.V.
Ashok B. Jain B. Jain B. Jain Swaminathan Manoj Ghodgaonkar
B. Jain L. Lodha
Remuneration of 44.99 45.14 44.99 44.99 5.90 9.60 6.19
KMP’s
Revenue (Net) 38,639.53
Remuneration of 0.12 0.12 0.12 0.12 00.2 00.2 00.2
KMP’s as
% of Revenue
Profit before 2,031.76
Tax (PBT)
Remuneration of 2.21 2.22 2.21 2.21 0.29 0.47 0.30
KMP’s as
% of PBT

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in comparison to the rate at which the company came out with the last public offer in case of listed Companies, and in
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RTGXKQWUƒPCPEKCN[GCT
` in Million
Type of Shares Particulars 31st March, 2017 31st March, 2016 % Change
Market Cap 43,186.58 27,570.36 56.64
Ordinary Equity Shares
Price Earnings Ratio 29.51 68.52 (56.93)
Market Cap 1,157.66 744.76 55.44
DVR Equity Shares
Price Earnings Ratio 18.87 43.52 (56.64)

Market price of Ordinary Equity Shares as on 31st March, 2017: ` 93.85 per Share
st
Market price of DVR Equity Shares as on 31 March, 2017: ` 60.00 per Share
Market price of Ordinary Equity Shares at the time of Public Issue in 1988-89 of ` 10 face value as on
` 2.00 per Share
31st March, 2017
% increase in Market Price over price in IPO 46.93 Times

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and its comparison with the percentile increase in the managerial remuneration and Employees : 28.73% Managerial Remuneration
: 88.40%

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GZEGRVKQPCNEKTEWOUVCPEGUHQTKPETGCUGKPVJGOCPCIGTKCNTGOWPGTCVKQP'ORNQ[GGUCUQPst March, 2017.

The remuneration increased pursuant to the circular of Ministry of Corporate Affairs dated 12th September, 2016, w.r.t.
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obtained the consent of its members for the same).

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Amount in `
Sr. Name Remuneration % Remuneration %
No. 2015-16 2016-17
1) Shri. Ashok B. Jain 2,38,78,871 - 4,49,87,001 -
2) Shri. Anil B. Jain 2,40,28,871 - 4,51,37,004 -
3) Shri. Ajit B. Jain 2,38,78,871 - 4,49,87,004 -
4) Shri. Atul B. Jain 2,38,78,871 - 4,49,87,004 -
5) Shri. R. Swaminathan 61,96,771 - 58,96,632 -
6) Shri. Manoj L. Lodha 84,65,184 - 95,97,840 -
7) Shri. A. V. Ghodgaonkar 53,60,143 - 61,91,420 -

195
 Jain Irrigation Systems Ltd.

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The Executive Directors were paid variable pay of `OKNNKQP

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been provided with Commission of ` OKNNKQP
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Companies Act, 2013.

xii)The ratio of the remuneration of the highest paid director to that of the employees who are not directors but received
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Sr. Name Remuneration % in excess of Highest paid

No. (2016-17) (`) Director (if any)
1) Shri. Ashok B. Jain 4,49,87,001 None
2) Shri. Anil B. Jain 4,51,37,004 None
3) Shri. Ajit B. Jain 4,49,87,004 None
4) Shri. Atul B. Jain 4,49,87,004 None
5) Shri. R. Swaminathan 58,96,632 None
6) Shri. Manoj L. Lodha 95,97,840 None
7) Shri. A.V. Ghodgaonkar 61,91,420 None

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Company.

196
Annexure IX
Related Party Transactions Form No. AOC-2 (FY 2016-17)

Sr. Name(s) of the Nature of Duration of Salient terms of Date of Amount

No. Related Party & contracts/ the contracts/ the contracts or approval paid as
nature of relationship arrangements/ arrangements/ arrangements or by the advances,
transaction transaction transaction including Board * if any
the value, if any
Purchase of Goods,
Naandan Jain Irrigation Other Expenditure,
1) Ongoing 408.00 NA NA
Ltd, Israel Purchase of Capital
Goods, Sale of Goods
Naandan Jain Iberica Purchase of Goods,
2) Ongoing 116.44 NA NA
S.C., Spain Sale of Goods
NaanDan Jain Mexico Sale of Goods
3) Ongoing 246.60 NA NA
S.A., De C.V.Mexico
NaanDan Jain S.R.L., Purchase of Goods,
4) Ongoing 110.97 NA NA
Italy Sale of Goods
NaanDan Jain France Sale of Goods
5) Ongoing 45.41 NA NA
Sarl. France
NaaDan Jain Romania., Sale of Goods
6) Ongoing 25.44 NA NA
Romania
NaanDan Jain Industria Sale of Goods
7) E Comercio de Ongoing 11.73 NA NA
Equipmentos Ltd., Brazil
NaanDan Jain Australia Purchase of Goods,
8) Ongoing 17.18 NA NA
Pty Ltd., Australia Sale of Goods
NaanDan Jain Peru Sale of Goods
9) Ongoing 6.14 NA NA
S.A.C., Peru
Jain Sulama Sistemleri Purchase of Goods,
10) Sanayi Ve Ticaret Anonim Sale of Goods Ongoing 160.67 NA NA
Sirkti, Turkey
Jain (Israel) B.V., Commission Income
11) Ongoing 11.63 NA NA
Netherlands
Gavish Controal System Purchase of Goods,
12) Ongoing 12.02 NA NA
Ltd., Israel Sale of Goods
13) Jain (Europe) Ltd., UK Sale of Goods Ongoing 192.95 NA NA
Jain America Holdings Purchase of Goods,
14) Ongoing 656.52 NA NA
Inc, USA Sale of Goods
Purchase of Goods,
Sale of Goods, Interest
15) Jain Irrigation Inc, USA Ongoing 372.75 NA NA
on Loans Given, Loans
and advance Repaid
Cascade Specialties Inc, Sale of Capital Goods
16) Ongoing 22.44 NA NA
USA
THE Machine S.A., Purchase of Goods
17) Ongoing 8.68 NA NA
Switzerland
Purchase of Goods,
18) Protool AG, Switzerland Ongoing 11.51 NA NA
Sale of Goods
Commission Income,
Loans & Other
advances given,
Jain International Trading Interest on Loans
19) Ongoing 7,240.34 NA NA
B.V., Netherlands given, Loans and
advance repaid,
Sale of Investment
(Redemption)
Purchase of Goods,
20) Ex-Cel Plastic, Ireland Ongoing 8.14 NA NA
Sale of Goods

197
 Jain Irrigation Systems Ltd.

Sr. Name(s) of the Nature of Duration of Salient terms of Date of Amount

No. Related Party & contracts/ the contracts/ the contracts or approval paid as
nature of relationship arrangements/ arrangements/ arrangements or by the advances,
transaction transaction transaction including Board * if any
the value, if any
21) Ex-Cel Plastic, France Sale of Goods Ongoing 49.68 NA NA
JISL Overseas Ltd., Sale of investment
22) Ongoing 790.75 NA NA
Mauritius (Redemption)
Purchase of Goods,
Bhavarlal and Kantabai
Sale of Goods,
23) Jain Multipurpose Ongoing 23.96 NA NA
Donation, Loans and
Foundation
advance repaid
Purchase of Goods,
Gandhi Research
Sale of Goods,
24) Foundation (Section 8 Ongoing 287.40 NA NA
Donation, Capitalization
Company)*
and advances given
Other expenditure,
Sale of Goods, Interest
on Loans Taken, Loans
Sustainable Agro-
25) and advances Taken, Ongoing 1,394.57 NA NA
Commercial Finance Ltd.,
Rent Received, Loans
and Advances Taken
Repaid,
Sale of Goods, Rent
26) Driptech India Pvt.Ltd. Ongoing 44.76 NA NA
Received
Purchase of Goods,
Jain Farm Fresh Foods Sale of Goods,Sale
27) Ongoing 1,680.85 NA NA
Ltd. of Service, Received
Against Slump Sale
Loan and other
Jain Processed Foods Advances given,
28) Trading & Investment Pvt. interest on Loan given, Ongoing 21.83 NA NA
Ltd. Investment during the
year
29) JAF Products Pvt. Ltd. Rent Expenses Rent 0.08 NA NA
Jain Brothers Industries Rent Expenses
30) Rent 2.47 NA NA
Pvt.Ltd.
Aadhunik Hi-Tech Sale of Goods
31) Ongoing 13.49 NA NA
Agriculture Pvt. Ltd.
Rent Expenses,
Remuneration
32) Shri. Ashok B. Jain Remuneration and 51.86 NA NA
and Rent
Fees
33) Shri. Anil B. Jain Remuneration & Fees Remuneration 44.99 NA NA
Rent Expenses,
Remuneration
34) Shri. Ajit B. Jain Remuneration and 61.99 NA NA
and Rent
Fees
Rent Expenses,
Remuneration
35) Shri. Atul B. Jain Remuneration and 49.72 NA NA
and Rent
Fees
36) Mrs. Jyoti Ashok Jain Rent Expenses Rent 5.80 NA NA
37) Mrs. Nisha Anil Jain Rent Expenses Rent 14.13 NA NA
38) Mrs. Shobhana Ajit Jain Rent Expenses Rent 0.93 NA NA
39) Mrs. Bhavana Atul Jain Rent Expenses Rent 0.93 NA NA
40) Shri Athang Anil Jain Remuneration & Fees Remuneration 0.10 NA NA
41) Shri R Swaminathan Remuneration & Fees Remuneration 5.90 NA NA
Remuneration &
42) Shri Manoj Lodha Fees, Loans & other Remuneration 11.60 NA NA
advances given
Shri Avdhut V Remuneration & Fees
43) Remuneration 6.19 NA NA
Ghodgaonkar
44) Drip & Pipe Suppliers Rent Expenses Rent 0.40 NA NA
Jain Computers & Allied Rent Expenses
45) Rent 0.11 NA NA
Services
14,250.05
* An omnibus approval was granted by Audit Committee and Board of Directors on 12 Aug 2016 for Related Party Transaction at
arm’s length with Wholly Owned Subsidiaries and fellow subsidiaries.

198
Annexure X
Form No.MR-3 :Secretarial Audit Report
For The Financial Year Ended 31St March, 2017

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To,
The Members
JAIN IRRIGATION SYSTEMS LIMITED
,CKP2NCUVKE2CTM
N.H. No. 6, Bambhori,
Jalgaon-425 001.

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Jain Irrigation Systems Limited (hereinafter called “the Company”). Secretarial Audit was conducted
in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing our opinion thereon.

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representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the
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and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter:

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ť5'$+
Act’):-

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e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 [Not applicable
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regarding the Companies Act and dealing with client.

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199
 Jain Irrigation Systems Ltd.

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k) Electricity Act, 2003

We have also examined compliance with the applicable clauses of the following:

i) Secretarial Standards issued by The Institute of Company Secretaries of India.

ii) The Listing Agreements entered into by the Company with BSE Limited and National Stock Exchange of India Limited.

During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above.
We further report that
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent
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agenda items before the meeting and for meaningful participation at the meeting.

All decisions at Board Meetings and Committee Meetings are carried out unanimously as recorded in the minutes of the
meetings of the Board of Directors or Committees of the Board, as the case may be.

We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

For and on behalf of

V. Laxman & Co.,
Company Secretaries

Sd/-
(V. Laxman)
Date : 10th August, 2017 FCS No. 1513
2NCEG Mumbai %20Q

This Report is to be read with our letter of even date which is attached as Annexure ’A’ and forms an integral part of this
Report.

200
ANNEXURE ‘A’

TO,
The Members
JAIN IRRIGATION SYSTEMS LIMITED
,CKP2NCUVKE2CTM
N.H. No. 6, Bambhori,
,CNICQPŢ

Our report of even date is to be read along with this letter.

1) Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit.

2) We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
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facts are reflected in secretarial records. We believe that the processes and practices we followed proved a reasonable
basis for our opinion.

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4) Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.

5) The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
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effectiveness with which the management has conducted the affairs of the Company.

For and on behalf of

V. Laxman & Co.,
Company Secretaries

Sd/-
(V. Laxman)
Date : 10th August, 2017 FCS No. 1513
2NCEG Mumbai %20Q

201
202
Annexure XI
Board’s Report 2016-17
Statement of Particulars of employees pursuant to the provisions of Section 134 of the Companies Act, 2013 read with Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, as amended upto date.
Sr. Name of Total Designation Remuneration Qualification Commencement Particular Last Post Employer No. of Years Covered
Jain Irrigation Systems Ltd.

No. Employees Experience Gross (`) of Employment of last (Previous Under

(Year) with Company Employment Employment) 850000/
Category
w.e.f.

1) 2 3 4 5 6 7 8 9 10 11 12
1) Shri. Ashok B Jain 34 Chairman 44,987,001 12.01.87 Own Business Partner Jain Brothers 01.04.2010
B.Com 4
Industries
2) Shri. Anil B Jain 32 Vice Chairman 45,137,004 12.01.87 Own Business Partner Jain Brothers 01.04.2010
& Managing B.Com., LLB Industries 2
Director
3) Shri. Ajit B Jain 32 Jt. Managing 44,987,004 11.01.85 - - - 01.04.2010
B.E. -
Director
4) Shri. Atul B Jain 25 Jt. Managing 44,987,004 01.01.91 - - - 01.04.2010
B.Com -
Director
1. Shri. Ashok B. Jain, Shri. Anil B. Jain, Shri. Ajit B. Jain and Shri. Atul B. Jain are related to each other as brothers.
2. Remuneration includes perquisites and commission.
INDEPENDENT AUDITOR’S REPORT
To the Members of Jain Irrigation Systems Limited
Report on the Standalone Ind AS Financial Statements
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Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and a
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Statements”).

Management’s Responsibility for the Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the
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and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including
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(Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and
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their operating effectiveness and the accuracy and completeness of the accounting records, relevant to the preparation
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misstatement, whether due to fraud or error.
Auditor’s Responsibility
1WTTGURQPUKDKNKV[KUVQGZRTGUUCPQRKPKQPQPVJGUGUVCPFCNQPG+PF#5ƒPCPEKCNUVCVGOGPVUDCUGFQPQWTCWFKV

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required
to be included in the audit report under the provisions of the Act and the Rules made thereunder.

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Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
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An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone Ind
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QHOCVGTKCNOKUUVCVGOGPVQHVJGUVCPFCNQPG+PF#5ƒPCPEKCNUVCVGOGPVUYJGVJGTFWGVQHTCWFQTGTTQT+POCMKPIVJQUG
TKUMCUUGUUOGPVUVJGCWFKVQTEQPUKFGTUKPVGTPCNƒPCPEKCNEQPVTQNTGNGXCPVVQVJG%QORCP[ŦURTGRCTCVKQPQHVJGUVCPFCNQPG
+PF#5ƒPCPEKCNUVCVGOGPVUVJCVIKXGCVTWGCPFHCKTXKGYKPQTFGTVQFGUKIPCWFKVRTQEGFWTGUVJCVCTGCRRTQRTKCVGKPVJG
circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the
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Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
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ƒPCPEKCN
position) of the Company as at 31th/CTEJKVURTQƒV
ƒPCPEKCNRGTHQTOCPEGKPENWFKPIQVJGTEQORTGJGPUKXGKPEQOG
its cash flows and changes in equity for the year ended on that date.

203
 Jain Irrigation Systems Ltd.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditors’ Report) Order, 2016 (“the Order”) issued by the Central Government of India
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paragraphs 3 and 4 of the Order, to the extent applicable.

2) As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
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b) In our opinion, proper books of account as required by the law have been kept by the Company so far as it appears
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GSWKV[FGCNVYKVJD[VJKU4GRQTVCTGKPCITGGOGPVYKVJVJGDQQMUQHCEEQWPV
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e) On the basis of written representations received from the directors as on 31st March 2017, and taken on record by the
$QCTFQH&KTGEVQTUPQPGQHVJGFKTGEVQTUKUFKUSWCNKƒGFCUQPst March 2017 from being appointed as a director in
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operating effectiveness of such controls, we give our separate Report in “Annexure 2”.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:
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ii) The Company has made provision, as required under the applicable law or accounting standards, for material
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(WPFD[VJG%QORCP[CPF
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CUYGNNCUFGCNKPIUKP5RGEKƒGF$CPM0QVGUFWTKPIVJGRGTKQFHTQOth November 2016 to 30th December 2016.
Based on audit procedures and relying on the Management representation, we report that the disclosures are in
accordance with the books of account maintained by the company and as produced to us by the Management

4GHGT0QVGVQVJGUVCPFCNQPG+PF#5ƒPCPEKCNUVCVGOGPVU

For Haribhakti & Co. LLP

Chartered Accountants
ICAI Firm Registration No.103523W /W100048

Sd/-
Snehal Shah
2CTVPGT
/GODGTUJKR0Q

2NCEG Jalgaon
Date : May 24, 2017

204
ANNEXURE-1
TO THE INDEPENDENT AUDITOR’S REPORT
[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’
in the Independent Auditor’s Report of even date to the members of Jain Irrigation
Systems Limited (“the Company”) on the standalone financial statements for the year
ended 31st March, 2017]
i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of
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having regard to the size of the Company and the nature of its assets.
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the name of the Company.
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(iii)(a), 3 (iii)(b) and 3(iii)(c) of the Order are not applicable to the Company.
iv) Based on information and explanation given to us in respect of loans, investments, guarantees and securities, the
Company has complied with the provisions of Section 185 and 186 of the Act.

v) In our opinion and according to the information and explanations given to us, the Company has not accepted any
deposits from the public within the provisions of Sections 73 to 76 of the Act and the rules framed there under.

vi) We have broadly reviewed the books of account maintained by the Company in respect of products where the
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Act and the rules framed there under and we are of the opinion that prima facie, the prescribed accounts and records
have been made and maintained.

vii)The Company is generally regular in depositing with appropriate authorities, undisputed statutory dues including
provident fund, employees’ state insurance, income tax, sales tax, service tax, value added tax, customs duty, excise
duty, cess and any other material statutory dues applicable to it, however, there have been slight delay in few cases.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund,
employees’ state insurance, income tax, sales tax, service tax, value added tax, customs duty, excise duty, cess and any
other material statutory dues applicable to it, were outstanding, at the year end, for a period of more than six months
from the date they became payable.

According to the information and explanation given to us, the dues outstanding with respect to, income tax, sales tax,
service tax, value added tax, customs duty, excise duty on account of any dispute, are as follows:

Name of the statute Nature of Amount Period to which the Forum where
dues ` in million amount relates dispute is pending
Central Sales tax and Sales Tax 7.01 FY 2004-2005, 2010-2011 Deputy Commissioner
Local Sales Tax 32.09 FY 2011-12; 2012-13 Commissioner (Appeals)
34.41 FY 2012-2013 High Court of Madhya Pradesh
The Finance Act, 1994 Service Tax 17.21 FY 2005-2009, 2011-2014, Joint Commissioner /Commissioner
2012-2013
21.98 FY 2005-2010 Customs, Excise and Service Tax
Appellate Tribunal
The Central Excise Act, Excise duty 13.07 FY 1994-1995, 1996-1997; Additional Commissioner/
1994 2008-2009, 2009-2010, Commissioner
2014-2015
59.26 FY 1992 -1997, 2012-2014 Customs, Excise and Service
Tax Appellate Tribunal
188.33 FY 1995-1998 High Court of Bombay
The Income Tax Act, 1961 Income Tax 9.25 AY 2011-2012 Commissioner of Income Tax (Appeals)

205
 Jain Irrigation Systems Ltd.

viii) According to the information and explanations given to us, the Company is regular in the repayment of loans or
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ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments)
during the year. In our opinion and according to the information and explanations given to us, the term loans have been
applied for the purpose for which they were obtained.

x) During the course of our examination of the books and records of the Company, carried out in accordance with the
generally accepted auditing practices in India, and according to the information and explanations given to us, we have
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noticed or reported during the year, nor have we been informed of any such instance by the management.

xi) According to the information and explanations given to us, managerial remuneration has been paid / provided in
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xii)In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company.
Therefore, paragraph 3(xii) of the Order is not applicable to the Company.

xiii)According to the information and explanation given to us, all transactions entered into by the Company with the related
parties are in compliance with Sections 177 and 188 of Act, where applicable and the details have been disclosed in the
Financial Statements etc., as required by the applicable accounting standards.

xiv)The Company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year under review. Therefore, paragraph 3(xiv) of the Order is not applicable to the Company.

xv)According to the information and explanations given to us, the Company has not entered into any non-cash transactions
with directors or persons connected with him during the year.

xvi)According to the information and explanation given to us, the Company is not required to be registered under Section
+#QHVJG4GUGTXG$CPMQH+PFKC#EV

For Haribhakti & Co. LLP

Chartered Accountants
ICAI Firm Registration No.103523W /W100048

Sd/-
Snehal Shah
2CTVPGT
/GODGTUJKR0Q

2NCEG Jalgaon
Date : May 24, 2017

206
ANNEXURE 2
TO THE INDEPENDENT AUDITOR’S REPORT
[Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory
Requirements’ in the Independent Auditor’s Report of even date to the members of
Jain Irrigation Systems Limited (“the Company”) on the standalone Ind AS financial
statements for the year ended 31st March 2017]
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section 3
of Section 143 of the Companies Act, 2013 (“the Act”)
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ũVJG%QORCP[Ū
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year ended on that date.
Management’s Responsibility for Internal Financial Controls
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control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and maintenance
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its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of
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information, as required under the Companies Act, 2013.
Auditors’ Responsibility
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audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
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that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
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effectively in all material respects.

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U[UVGOQXGTƒPCPEKCNTGRQTVKPICPFVJGKTQRGTCVKPIGHHGEVKXGPGUU

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EQPVTQNUQXGTƒPCPEKCNTGRQTVKPICUUGUUKPIVJGTKUMVJCVCOCVGTKCNYGCMPGUUGZKUVUCPFVGUVKPICPFGXCNWCVKPIVJGFGUKIP
and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
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fraud or error.

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Meaning of Internal Financial Controls Over Financial Reporting
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policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
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principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of
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statements.

207
 Jain Irrigation Systems Ltd.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
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or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
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TGRQTVKPICPFUWEJKPVGTPCNƒPCPEKCNEQPVTQNUQXGTƒPCPEKCNTGRQTVKPIYGTGQRGTCVKPIGHHGEVKXGN[CUCVst March 2017, based
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of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the ICAI.

For Haribhakti & Co. LLP

Chartered Accountants
ICAI Firm Registration No.103523W /W100048

Sd/-
Snehal Shah
2CTVPGT
/GODGTUJKR0Q

2NCEG Jalgaon
Date : May 24, 2017

208
CEO and CFO Certification
(As per Part B of Schedule II read with Regulation 17 (8) of SEBI (Listing Obligation &
Disclosure Requirements), Regulations, 2015)

To,
The Board of Directors,
Jain Irrigation Systems Ltd.,
,CKP2NCUVKE2CTM
N.H.No.6, Bambhori,
Jalgaon-425 001

5WD%'1%(1%GTVKƒECVKQP
#URGT2CTV$QH5EJGFWNG++TGCFYKVJ4GIWNCVKQP
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Disclosure Requirements), Regulations, 2015)

Dear Sir / Madam,

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Irrigation Systems Ltd., do hereby jointly declare and certify that:
C 9GJCXGTGXKGYGFƒPCPEKCNUVCVGOGPVUCPFVJGECUJHNQYUVCVGOGPVQHVJG%QORCP[HQTVJG[GCTGPFGFst March,
2017 and that to the best of our knowledge and belief.
i) These statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading.
ii) These statements together with the schedules and notes thereon present a true and fair view of the Company’s
affairs for the year ended 31st March, 2017 and are in compliance with existing accounting standards, applicable
laws and regulations.
b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which
are fraudulent, illegal or violative of the Company’s code of conduct.

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evaluated the effectiveness of internal control systems of the Company and we have disclosed to the auditors and the
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OCPCIGOGPVQTCPGORNQ[GGJCXKPICUKIPKƒECPVTQNGKPVJG%QORCP[ŦUKPVGTPCNEQPVTQNU[UVGO

Sd/- Sd/-
Anil B. Jain Manoj L. Lodha
Managing Director President - Finance & Banking / CFO

Date May 24, 2017

2NCEG Jalgaon

209
 Jain Irrigation Systems Ltd.

Balance
st
Sheet
As at 31 March 2017 (All amount in ` Million, unless otherwise stated)
Notes 31-Mar-2017 31-Mar-2016 1-Apr-2015
ASSETS
Non-current assets
Property, plant and equipment (net) 3 29,292.83 30,064.42 38,731.61
Capital work-in-progress 3 196.75 160.37 315.18
Intangible assets 4 147.36 161.28 152.55
Investment property 5 256.93 - -
Investments in subsidiaries and associates 6 10,947.92 13,546.30 6,715.51
Financial assets
(i) Investments 7(a) 22.23 724.42 637.44
(ii) Loans 7(d) - 757.19 795.84
(iii) Other financial assets 7(e) 1,086.48 1,192.51 1,031.31
Other non-current assets 8 591.28 708.56 673.13
Income Tax assets (net) 9 376.79 439.62 345.47
Total non-current assets 42,918.57 47,754.67 49,398.04
Current assets
Inventories 10 8,922.91 7,341.65 11,313.25
Biological assets 11 615.66 314.07 349.61
Financial assets
(i) Trade receivables 7(b) 15,351.28 17,986.09 17,183.69
(ii) Cash and cash equivalents 7(c) 362.91 1,285.04 2,219.42
(iii) Bank balances other then (ii) above 7(c) 1,317.91 36.51 33.79
(iv) Loans 7(d) 162.32 202.58 229.49
(v) Other financial assets 7(e) 530.85 3,168.92 1,822.80
Other current assets 8 6,307.78 6,427.18 6,710.86
Total current assets 33,571.62 36,762.04 39,862.91
TOTAL ASSETS 76,490.19 84,516.71 89,260.95
EQUITY AND LIABILITIES
EQUITY
Equity share capital 12 958.92 953.03 924.83
Other equity 12(a) 42,206.08 40,664.94 36,709.35
Total Equity 43,165.00 41,617.97 37,634.18
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 13(a) 5,262.88 12,124.71 13,622.90
(ii) Other financial liabilities 13(d) 858.88 236.00 430.48
Provisions 14 215.15 76.67 74.26
Deferred tax liabilities (net) 15 3,907.00 3,728.25 4,538.64
Total non-current liabilities 10,243.91 16,165.63 18,666.28
Current liabilities
Financial liabilities
(i) Borrowings 13(b) 6,007.67 13,434.81 15,523.89
(ii) Trade payables 13(c) 8,629.38 7,849.19 11,157.78
(iii) Other financial liabilities 13(d) 6,204.40 3,924.86 3,652.20
Provisions 14 117.37 79.93 90.86
Other current liabilities 16 2,122.46 1,444.32 2,535.76
Total current liabilities 23,081.28 26,733.11 32,960.49
Total liabilities 33,325.19 42,898.74 51,626.77
TOTAL EQUITY AND LIABILITIES 76,490.19 84,516.71 89,260.95
Significant Accounting Policies 2
The accompanying notes are an integral part of these financial statements (1 to 44)
For Haribhakti & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number: 103523W/W100048
Sd/- Sd/- Sd/- Sd/- Sd/-
Snehal Shah Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Partner Company Secretary Managing Director Director CFO
Membership No: 048539 & CEO
Date : May 24, 2017 Date : May 24, 2017 DIN 00053035 DIN 01807011
Place : Jalgaon Place : Jalgaon

210
Statement of Profit stand Loss
For the Year Ended at 31 March 2017 (All amount in ` Million, unless otherwise stated)
Notes 31-Mar-17 31-Mar-16
INCOME
Revenue from operations 17 38,639.53 44,381.60
Other income 18 1,207.96 664.24
Total income 39,847.49 45,045.84
EXPENSES
Cost of materials consumed 19 23,941.06 21,359.10
Change in inventories of finished goods and work in progress 20 (3,211.98) 3,498.17
Excise duty on sales 1,537.12 1,642.20
Employee benefits expense 21 2,639.04 2,568.45
Finance costs 24 3,423.09 4,285.49
Depreciation and amortisation expense 22 1,811.10 2,293.10
Other expenses 23 7,676.30 8,469.56
Total expenses 37,815.73 44,116.07
Profit / (loss) before tax 2,031.76 929.77
Income tax expense
Current tax 25 178.26 23.47
Deferred tax 25 215.48 294.82
Total tax expense 393.74 318.29
Profit / (loss) after tax 1,638.02 611.48
Profit before tax from continuing operation 34 2,031.76 659.57
Tax expense of continuing operation 34 (393.74) (249.94)
Net Profit after tax from continuing operation 1,638.02 409.63
Profit from discontinued operation before tax 34 - 270.20
Tax expense of discontinued operation 34 - (68.35)
Net Profit after tax from discontinuing operation 34 - 201.85
Profit for the year 1,638.02 611.48
Other comprehensive income
(i) Items that will not be reclassified to profit or loss
- Remeasurements of defined benefit obligations gains / (loss) 26 (106.15) 7.19
- Income tax relating to the above items 25 36.74 (2.49)
Other comprehensive income for the year, net of tax (69.41) 4.70
Total comprehensive income for the year 1,568.61 616.18
Earnings per equity share for profit from continuing operation
Basic earnings per share (face value ` 2) 28 3.18 0.88
Diluted earnings per share (face value ` 2) 28 3.18 0.88
Earnings per equity share for profit from discontinued operation
Basic earnings per share (face value ` 2) 28 - 0.44
Diluted earnings per share (face value ` 2) 28 - 0.44

Significant accounting policies 2

The accompanying notes are an integral part of these financial statements (1 to 44)
For Haribhakti & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number: 103523W/W100048

Sd/- Sd/- Sd/- Sd/- Sd/-

Snehal Shah Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Partner Company Secretary Managing Director Director CFO
Membership No: 048539 & CEO
Date : May 24, 2017 Date : May 24, 2017 DIN 00053035 DIN 01807011
Place : Jalgaon Place : Jalgaon

211
 Jain Irrigation Systems Ltd.

Statement of Cash Flows

st
For the Year Ended at 31 March 2017
(All amount in ` Million, unless otherwise stated)
31-Mar-17 31-Mar-16
A) CASH FLOW FROM OPERATING ACTIVITIES:
Net profit/(loss) before tax 2,031.76 929.77
Adjustments for:
Depreciation and amortisation expense 1,811.10 2,293.10
Amount written off and provisions 556.65 510.22
Unrealized forex exchange (gain) / loss (958.17) 48.60
Profit on asset sale/ discarded (net) (7.09) (4.24)
Profit on sale of investments (net) (42.36) (0.14)
Finance costs 3,423.09 4,285.49
Provision for doubtful debts and advances written back (337.10) (75.23)
Provision for gratuity 130.31 (0.73)
Provision for leave encashment 45.61 (7.79)
Sundry credit balance appropriated (1.34) (1.55)
Dividend and Interest Income (182.90) (272.14)
Change in fair value of biological assets (161.98) 32.84
Fair value changes of derivatives 156.74 21.75
Fair value changes of embedded derivatives 120.88 (123.98)
Fair vale changes of investments (62.80) (84.59)
Forex gain in redemption of investment (849.93) -
Corporate guarantee commission (72.32) (31.37)
Operating profit before working capital changes 5,600.15 7,520.01
Adjustments for changes in working capital:
(Increase) / decrease in trade receivables 2,732.04 (2,119.60)
(Increase) / decrease in inventories and biological assets (1,720.87) 186.66
(Increase) / decrease in loans and other financial assets (29.47) 53.40
(Increase) / decrease in other assets (143.73) (402.91)
Increase / (decrease) in trade payables 779.59 (1,292.85)
Increase / (decrease) in other financial liabilities 156.69 (358.10)
Increase / (decrease) in other liabilities 571.99 (133.02)
Cash generated from operations 7,946.39 3,453.59
Income tax paid (115.43) (117.62)
Net cash flow generated from operating activities 7,830.96 3,335.97
B) CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (1,400.26) (1,930.75)
Sale of property, plant and equipment 32.12 13.67
Purchase of investments - (3,896.34)
Redemption of investment in subsidiaries 4,814.69 -
Share application money paid - (20.00)
Proceeds from slump sale of food division 1,263.05 5,534.54
Loan (given to) / refund from subsidiaries/ associate 2,125.16 (114.44)
Fixed deposits placed with banks (1,256.32) (22.33)
Interest and dividend received 164.65 273.96
Net cash flow generated from/(used in) investing activities 5,743.09 (161.69)
C) CASH FLOW FROM FINANCING ACTIVITIES:
Total Proceeds by way of issue of equity shares (net) 159.78 1,128.00
Proceeds from long term borrowings 915.05 991.36
Repayment towards long term borrowings (4,367.06) (2,428.41)
Proceeds from issue of debentures - 2,896.00
Increase/(decrease) in working capital borrowings (net) (7,424.08) (2,090.48)
Interest and finance charges paid (3,474.08) (4,331.48)
Dividend and dividend distribution tax paid (289.69) (277.34)
Net cash (used in) financing activities (14,480.08) (4,112.35)

212
 (All amount in ` Million, unless otherwise stated)
31-Mar-17 31-Mar-16
D) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (906.03) (938.07)
Cash and cash equivalents as at the beginning of the year 1,268.94 2,207.01
Cash and cash equivalents as at the end of the year 362.91 1,268.94
Cash and cash equivalents includes:
Cash and cash equivalents
Cash on hand 3.50 5.69
Bank balances
- In current accounts 356.62 1,277.95
Fixed deposits (having maturity value less than 3 months) 2.79 1.40
Sub-total 362.91 1,285.04
Overdrawn bank balances (considered as cash and cash equivalents for cash flow) - (16.10)
Cash and cash equivalents as at the end of the year 362.91 1,268.94

Significant accounting policies 2

The accompanying notes are an integral part of these financial statements (1 to 44)

Explanatory notes to Statements of Cash Flows

1) Statement of Cash-flows is prepared in accordance with the format prescribed by Securities & Exchange Board of India
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is furnished under the head “Unrealized forex exchange (gain) / loss”.

For Haribhakti & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number: 103523W/W100048
Sd/- Sd/- Sd/- Sd/- Sd/-
Snehal Shah Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Partner Company Secretary Managing Director Director CFO
Membership No: 048539 & CEO
Date : May 24, 2017 Date : May 24, 2017 DIN 00053035 DIN 01807011
Place : Jalgaon Place : Jalgaon

213
214
(All amount in ` Million, unless otherwise stated)
Statement of Changes in Equity
For the Year Ended at 31st March 2017
A) Equity Share Capital
Notes Amount
As at April 1, 2015 924.83
Jain Irrigation Systems Ltd.

Changes in equity share capital during the year 12 28.20

As at March 31, 2016 953.03
Changes in equity share capital during the year 12 5.89
As at March 31, 2017 958.92

B) Other Equity
Particulars Attributable to owners
Equity Reserves and Surplus Foreign Total
component Capital Securities Capital Share currency
of reserve premium redemption General Retained based monetary
convertible reserve reserve Reserve Earnings payment items
debentures reserve translation
difference
account

Balance as at April 1, 2015 - 743.91 10,572.81 896.72 2,308.01 22,158.31 29.59 - 36,709.35
Profit for the year - - - - - 611.48 - - 611.48
Other comprehensive income - - - - - 4.70 - - 4.70
Total comprehensive income for the year - - - - - 616.18 - - 616.18
Movement of foreign exchange gain / loss during 12(c)(i) - - - - - - - (203.08) (203.08)
the year
Transactions with owners of Company
- Cash dividends (including dividend distribution 12(b)(v) - - - - - (278.27) - - (278.27)
tax)
- On issue of 14,100,000 equity shares at premium 12(b)(iii) - - 1,099.80 - - - - - 1,099.80
of ` 78/- each
- On issue of 36,200,000 Compulsory convertible 12(c)(ii) 2,720.96 - - - - - - - 2,720.96
debentures of ` 80 each
Balance at March 31, 2016 2,720.96 743.91 11,672.61 896.72 2,308.01 22,496.22 29.59 (203.08) 40,664.94
Profit for the year - - - - - 1,638.02 - - 1,638.02
Other comprehensive income - - - - - (69.41) - - (69.41)
Total comprehensive income for the year - - - - - 1,568.61 - - 1,568.61
 (All amount in ` Million, unless otherwise stated)

Particulars Attributable to owners

Equity Reserves and Surplus Foreign Total
component Capital Securities Capital Share currency
of reserve premium redemption General Retained based monetary
convertible reserve reserve Reserve Earnings payment items
debentures reserve translation
difference
account

Amortised during the year 12(c)(i) - - - - - - - 108.33 108.33

Transactions with owners of Company
- Cash dividends (including dividend distribution 12(b)(v) - - - - - (289.69) - - (289.69)
tax)
- on issue of 2,946,075 equity shares at premium 12(b)(iii) - - 183.98 - - - - 183.98
of ` 52.40/- each
- on exercise of Equity share based options 12(b)(iv) - - - - - - (29.59) - (29.59)
- Issue expenses 12(b)(iii) - - (0.50) - - - - - (0.50)
Balance at March 31, 2017 2,720.96 743.91 11,856.09 896.72 2,308.01 23,775.14 - (94.75) 42,206.08

For Haribhakti & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number: 103523W/W100048

Sd/- Sd/- Sd/- Sd/- Sd/-

Snehal Shah Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Partner Company Secretary Managing Director Director CFO
& CEO
Membership No: 048539 DIN 00053035 DIN 01807011
Date : May 24, 2017
Date : Jalgaon

215
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Notes to Standalone Financial Statements

For the Year Ended at 31st March 2017
1) COMPANY OVERVIEW
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motto ‘Small Ideas, Big Revolutions’ with more than 10,500+ associates worldwide and consolidated revenue of ˜US$ 1
Billion, is an Indian multinational company with manufacturing plants in 30 locations across the globe. JISL, its subsidiaries
and associates are engaged in providing solutions in agriculture, piping, infrastructure through manufacturing of Micro
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security and food security. JISL is early pioneer for Internet of things (IOT) in the agri-sector and is leading efforts to create
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2) SIGNIFICANT ACCOUNTING POLICIES

2.1) Basis of preparation
(i) Statement of compliance
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Act, 2013 (the ‘Act’ ) and the other relevant provisions of the Act and Rules thereunder.
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under Ind AS, hence Ind AS 101, First time adoption of Indian Accounting Standards has been applied. Refer note 41
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meeting held on 24th May 2017.
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preparation of the opening Ind AS Balance Sheet as at 1st April, 2015 being the date of transition to Ind AS.
(ii) Functional and presentation currency
The Company’s presentation and functional currency is Indian Rupee (` #NN ƒIWTGU CRRGCTKPI KP VJG ƒPCPEKCN
statements are rounded to the nearest ten thousand, except where otherwise indicated.
(iii)Basis of measurement
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(iv) Use of estimates and judgements
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accounting estimates and assumptions. It also requires management to exercise judgement in the process of applying
accounting policies. Actual results could differ from those estimates. These estimates, judgements, assumptions
affect application of the accounting policies and the reported amounts of assets, liabilities, revenue, expenditure,
contingent liabilities etc.
The estimates and underlying assumptions are reviewed on an ongoing basis and changes are made as management
becomes aware of changes in the circumstances surrounding the estimates. They are based on historical experience
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that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in

216
 (All amount in ` Million, unless otherwise stated)

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period of the revision and future periods if the revision affects both current and future periods.
Wherever possible, detailed information about each of the critical estimates and judgments is included in relevant
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The areas involving critical estimates or judgements are
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Estimated fair value of Biological asset (Refer note 11)
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Revenue recognition
2.2)Current versus non-current classification
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a) Expected to be realized or intended to sold or consumed in normal operating cycle,
b) Held primarily for the purpose of trade,
c) Expected to be realized on demand or within twelve months after the reporting date, or
d) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting date.
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a) It is expected to be settled in normal operating cycle,
b) It is held primarily for the purpose of trade,
c) It is due to be settled on demand or within twelve months after the reporting period, and
d) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.
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current assets and liabilities.
2.3) Foreign currencies
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are
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to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment
in a foreign operation. A monetary item for which settlement is neither planned nor likely to occur in the foreseeable
future is considered as a part of the entity’s net investment in that foreign operation.
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income and expenses accordingly.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at
the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are
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KPPGVRTQƒVKPVJG5VCVGOGPVQH2TQƒVCPF.QUUCURCTVQHVJGHCKTXCNWGICKPQTNQUUCPFVTCPUNCVKQPFKHHGTGPEGUQPPQP
OQPGVCT[CUUGVUUWEJCUGSWKV[KPXGUVOGPVUENCUUKƒGFCU(CKT8CNWGVJTQWIJ1VJGT%QORTGJGPUKXG+PEQOG
ũ(81%+Ū
are recognised in other comprehensive income (“OCI”).
Foreign exchange differences on long term foreign currency monetary items relating to acquisition of depreciable
assets are adjusted to the carrying cost of the assets and depreciated over the balance life of the asset and in
other cases, if any, accumulated in Foreign currency Monetary Item Translation Difference Account (“FCMITDA”) and
amortised over the balance period of the asset or liability.
The Company has chosen to continue the policy adopted for accounting for exchange differences arising from translation
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2.4) Revenue
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are
inclusive of excise duty and net of returns, trade allowances, rebates, value added taxes and amounts collected on behalf

217
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

of third parties.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future
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described below. The Company bases its estimates on historical results, taking into consideration the type of customer,
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a) Sale of goods
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recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably,
there is no continuing management involvement with the goods and the amount of revenue can be measured reliably.
Revenue is measured net of returns, trade discounts and volume rebates. The timing of the transfer of risks and
rewards varies depending on the individual terms of the sales contract.

b) Rendering of services
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completion of the transaction at the reporting date and are measured net of sales tax, works contract tax and service
tax.

c) Contract revenue
Contract revenue is recognised only to the extent of cost incurred till such time the outcome of the job cannot be
ascertained reliably. When the outcome of the contract is ascertained reliably contract revenue is recognised at
cost of work performed on the contract plus proportionate margin, using the percentage of completion method.
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The estimates of cost and progress of contracts are measured at each reporting date by the management. The effect
of such changes to estimates is recognized in the period in which such changes are determined. The estimated
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contract and includes cost of materials, services, and other related overheads. Any projected losses on contracts
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d) Interest income
Interest income from debt instruments is recognised using the EIR method or proportionate basis. The effective
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prepayment, extension, call and similar options) but does not consider the expected credit losses.

e) Dividend income
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RTQDCDNGVJCVVJGGEQPQOKEDGPGƒVUCUUQEKCVGFYKVJVJGFKXKFGPFYKNNHNQYVQVJG%QORCP[CPFVJGCOQWPVQHVJG
dividend can be measured reliably.
2.5) Government Grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will
be received and the Company will comply with all attached conditions.

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necessary to match them with the costs that they are intended to compensate and presented within other income.

Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as
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related assets and presented within other income.

2.6)Income Tax
The income tax expense or credit for the period is the tax payable on the current year’s taxable income based on the
applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting
date. Current tax comprises of expected tax payable or receivable on taxable income/loss for the year or any adjustment
or receivable in respect of previous year. Management periodically evaluates positions taken in tax returns with respect
to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate
on the basis of amounts expected to be paid to the tax authorities.

218
 (All amount in ` Million, unless otherwise stated)

Deferred income tax is provided in full, using the Balance Sheet method, on temporary differences arising between the
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are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates
(and laws) that have been enacted or substantially enacted by the end of the reporting date and are expected to apply to
the Company when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits
(Minimum alternate tax credit entitlement) only if it is probable that future taxable amounts will be available to utilise
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are reviewed at each reporting date and are recognised / reduced to the extent that it is probable or no longer probable
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Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.

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recognised in OCI or directly in equity. In this case, the tax is also recognised in OCI or directly in equity, respectively.

2.7) Leases
At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease. At the
inception or on reassessment of an arrangement that contains a lease, the Company separates payments and other
consideration required by the arrangement into those for the lease and those for the other elements on the basis of their
relative fair values.

Leases of property, plant and equipment where the Company, as lessee, has substantially all the risks and rewards of
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leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations,
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lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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period of the lease unless the payments are structured to increase in line with expected general inflation to compensate
for the lessor’s expected inflationary cost increases.

2.8) Business combinations

As part of its transition to Ind AS, the Company has elected to apply the relevant Ind AS 103, Business combinations, to
only those business combinations that occurred on or after 1 April 2015. In respect of business combinations prior to
1 April 2015, goodwill represents the amount recognised under the Company’s previous accounting framework under
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In accordance with Ind AS 103, the Company accounts for the business combinations (except common control business
transactions) using the acquisition method when control is transferred to the Company. The consideration transferred
for the business combination is generally measured at fair value as at the date the control is acquired (acquisition date),
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bargain purchase is recognised in OCI and accumulated in equity as capital reserve if there exists clear evidence of the
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recognised directly in equity as capital reserve. Transaction costs are expensed as incurred, except to the extent related
to the issue of debt or equity securities.
The consideration transferred does not include amount related to the settlement of pre-existing relationship with the
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Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent
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subsequently and settlement is accounted for within equity. Other contingent consideration is remeasured at fair value
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and Loss.

219
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

If a business combination is achieved in stages, any previously held equity interest in the acquiree is re-measured at
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appropriate.

Business combinations arising from transfers of interests in entities that are under the control of the shareholder that
controls the group (referred as common control business combinations) are accounted for using the pooling of interest
method. The assets and liabilities acquired are recognised at their carrying amounts. The identity of the reserves is
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2.9) Impairment of non-financial assets

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for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other
assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may
not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in
use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
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ECUJ
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reversal of the impairment at the end of each reporting year.

2.10) Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet include cash on hand, cheques on hand, deposits held at call with
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TGCFKN[EQPXGTVKDNGVQMPQYPCOQWPVUQHECUJCPFYJKEJCTGUWDLGEVVQCPKPUKIPKƒECPVTKUMQHEJCPIGUKPXCNWG

For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents includes cash on hand,
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OQPVJUQTNGUUVJCVCTGTGCFKN[EQPXGTVKDNGVQMPQYPCOQWPVUQHECUJCPFYJKEJCTGUWDLGEVVQCPKPUKIPKƒECPVTKUMQH
changes in value and overdrawn bank balances.

2.11) Cash Flows

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of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income
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activities are segregated.

2.12) Inventories
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IQQFUEQORTKUGUFKTGEVOCVGTKCNUFKTGEVNCDQWTCPFCPCRRTQRTKCVGRTQRQTVKQPQHXCTKCDNGCPFƒZGFQXGTJGCFGZRGPFKVWTG
the latter being allocated on the basis of normal operating capacity. Cost of inventories also include all other costs
incurred in bringing the inventories to their present location and condition. Costs are assigned to individual items of
inventory arrived on weighted average basis. Costs of purchased inventory are determined after deducting rebates and
discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs
of completion and the estimated costs necessary to make the sale.
Materials in transit are valued at cost to date. Finished goods at factory premises and depots are valued at inclusive of
excise duty.

2.13) Financial assets

(i) Recognition and initial measurement
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YJGPVJG%QORCP[DGEQOGUCRCTV[VQVJGEQPVTCEVWCNRTQXKUKQPUQHVJGKPUVTWOGPV#NNƒPCPEKCNCUUGVUQVJGTVJCP
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(ii) Classification and subsequent measurement

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220
 (All amount in ` Million, unless otherwise stated)

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Debt instruments at amortised cost
A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met:
The asset is held within a business model whose objective is
To hold assets for collecting contractual cash flows, and
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interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium and fees or
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CPF.QUU6JGNQUUGUCTKUKPIHTQOKORCKTOGPVCTGTGEQIPKUGFKPVJG5VCVGOGPVQH2TQƒVCPF.QUU
Debt instruments at Fair value through Other Comprehensive Income (FVOCI)
A ‘debt instrument’ is measured at the fair value through Other Comprehensive Income if both the following conditions
are met:
The asset is held within a business model whose objective is achieved by both
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outstanding.
After initial measurement, these assets are subsequently measured at fair value. Interest income under effective
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and Loss. Other net gains and losses are recognised in OCI.
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(862.
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any fair value changes including any interest income, foreign exchange gain and losses, impairment losses and other
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Equity investments
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(iii)De-recognition
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primarily derecognised when the rights to receive cash flows from the asset have expired, or the Company has
transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash
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the Company has transferred substantially all the risks and rewards of the asset, or
the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
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de-recognition. Gains or losses on equity instruments measured at FVOCI that are recognised and accumulated in
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(iv) Impairment of financial assets

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at FVOCI.
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recognition of the asset or asset is determined to have a low credit risk at the reporting date.

221
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

2.14) Investment in subsidiaries, joint ventures and associates
Investments in subsidiaries, joint ventures and associates are recognised at cost as per Ind AS 27. Except where
investments accounted for at cost shall be accounted for in accordance with Ind AS 105, Non-current Assets Held for
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2.15) Financial Liabilities

(i) Recognition and initial measurement
Financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of the
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transaction costs that are directly attributable to its acquisition or issue.

(ii) Subsequent measurement

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 (KPCPEKCN.KCDKNKVKGUCV(CKT8CNWGVJTQWIJ2TQƒVQT.QUU
(862.  
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(862.KHKVKUENCUUKƒGFCUJGNFHQTVTCFKPIQTKU
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KPENWFKPICP[KPVGTGUVGZRGPUGCTGTGEQIPKUGFKP5VCVGOGPVQH2TQƒVCPF.QUU
Financial Liabilities at amortised cost
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at amortised cost using the EIR method.
Amortised cost is calculated by taking into account any discount or premium and fees or costs that are an integral
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and Loss.

(iii)De-recognition
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of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is
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2.16) Compound financial instruments
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be converted to equity shares at the option of the holder within prescribed timelines, when the number of shares to be
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that does not have an equity conversion option. The equity component is initially recognised at the difference between
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attributable transaction costs are allocated to liability and equity components in proportion to their initial carrying
amounts.

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subsequently.

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is recognised.

2.17) Derivatives and hedging activities

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mitigate risk of changes in exchange and interest rates. The counterparty for these contracts is generally banks.

(i) Cash flow hedges that qualify for hedge accounting:

The Company designates their derivatives as hedges of foreign exchange risk associated with the cash flows of
highly probable forecast transactions and variable interest rate risk associated with borrowings (cash flow hedges).
The Company documents at the inception of the hedging transaction the economic relationship between hedging
instruments and hedged items including whether the hedging instrument is expected to offset changes in cash flows
of hedged items.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges

222
 (All amount in ` Million, unless otherwise stated)
is recognised in the OCI in cash flow hedging reserve within equity, limited to the cumulative change in fair value of
the hedged item on a present value basis from the inception of the hedge. The gain or loss relating to the ineffective
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When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge
accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity
until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative
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QH2TQƒVCPF.QUU
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of the hedged item is less than 12 months.

(ii) Derivatives that are not designated as hedges

The Company enters into certain derivative contracts to hedge risks which are not designated as hedges. Such
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liabilities are presented as current assets/current liabilities if they are either held for trading or are expected to be
realized within 12 months after the Balance Sheet date.
(iii)Embedded derivatives
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assets with embedded derivatives are considered in their entirety when determining whether their cash flows are
solely payment of principal and interest.
Derivatives embedded in all other host contracts are separated only if the economic characteristics and risks of the
embedded derivative are not closely related to the economic characteristics and risks of the host and are measured
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Embedded foreign currency derivatives
Embedded foreign currency derivatives are not separated from the host contract if they are closely related. Such
embedded derivatives are closely related to the host contract, if the host contract is not leveraged, does not contain
any option feature and requires payments in one of the following currencies:
the functional currency of any substantial party to that contract,
the currency in which the price of the related good or service that is acquired or delivered is routinely denominated
in commercial transactions around the world,
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in which the transaction takes place (i.e. relatively liquid and stable currency).
Foreign currency embedded derivatives which do not meet the above criteria are separated and the derivative is
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2.18) Offsetting of financial instruments
Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there is a legally
enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset
and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be
enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or
the counterparty.

2.19) Property, plant and equipment

(i) Recognition and measurement:
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refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the
item to its working condition for its intended use and estimated attributable costs of dismantling and removing the
item and restoring the site on which it is located.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
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of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is
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during the reporting period in which they are incurred.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount
is greater than its estimated recoverable amount. Any gain or loss on disposal of an item of property, plant and
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223
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Transition to Ind AS
On transition to Ind AS, the Company has opted to consider the fair value of land and buildings (including greenhouse
etc.) as on the date of transition i.e. April 1, 2015 as deemed cost. All other items of property, plant and equipment
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(iii)Depreciation methods, estimated useful lives and residual value

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assets taking into consideration their estimated residual values. All the assets have been provided depreciation
based on life of assets in line with rates prescribed in Schedule II to the Act on Straight Line Method except green
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depreciated at 12.50% and 25% per annum. The Management believes that depreciation rates currently used fairly
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different from lives prescribed under Schedule II.
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Depreciation on additions to assets or on sale / disposal of assets is calculated from the beginning of the month of
such addition or up to the month of such sale / scrapped, as the case may be. Leasehold land is amortised over the
period of lease.
The following table represents the useful lives of the fixed assets:
Class of asset Life of the asset
Buildings 5 - 60 years
Green / poly houses 10 years
Plant and equipment 4 - 22 years
Furniture and fixtures 10 years
Office equipment 5 years
Vehicles 8 - 10 years
Orchards (Bearer plants) 15 years
Leasehold land Lease period or useful life whichever is lower
The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
2.20) Investment Property
Investment property is property (land or a building or part of a building or both) held either to earn rental income or
for capital appreciation or for both, but neither for sale in the ordinary course of business nor used in production or
supply of goods or services or for administrative purposes. Investment properties are stated at cost net of accumulated
depreciation and accumulated impairment losses, if any.

Any gain or loss on disposal of investment property calculated as the difference between the net proceeds from disposal
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Depreciation on investment properties is provided on a pro rata basis using straight line method over the estimated
useful lives of the investment property taking into consideration their estimated residual values. These assets have been
provided depreciation based on life of assets in line with life prescribed in Schedule II to the Act, which is 30 years. The
Management believes that depreciation rates currently used fairly reflect its estimate of the useful lives and residual
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2.21) Intangible assets

(i) Recognition and measurement
Separately acquired intangible assets are stated initially at acquisition cost. Intangible assets such as patents, technical
know-how, and non-compete acquired in a business combination are recognised at fair value at the acquisition date.
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losses, if any.
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are recognised as intangible assets if, and only if, technical and commercial feasibility of the project is demonstrated,
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and the costs can be measured reliably.
Directly attributable costs that are capitalised as part of the product development costs include employee costs
and an appropriate portion of relevant overheads. Capitalised product development costs are recorded as intangible
assets and amortised from the useful life as estimated by the management.
Research expenditure and development expenditure that do not meet the criteria as given above are recognised as
an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a
subsequent period.

224
 (All amount in ` Million, unless otherwise stated)

(ii) Amortisation methods and periods

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periods:
Class of asset Life of the asset
Computer software 6 years
Technical know-how 5 years
Non-compete fees 10 years
Product development costs 10 years
Water rights 10 years
Transition to Ind AS
On transition to Ind AS, the carrying value of all of intangible assets have been restated applying Ind AS 38, Intangible
assets retrospectively.
2.22) Bearer plants and biological assets
(i) Orchards
The Company is engaged into orchard activities. The Orchards are regarded as bearer plant and presented as property,
plant and equipment. The orchards are recognised at historical cost less depreciation. Depreciation is calculated using
the straight-line method to allocate their cost, net of their residual values, over a period of 15 years commencing from
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are accounted for as biological assets until the point of harvest. Harvested fruits are transferred to inventory at fair
value less costs to sell when harvested.
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harvesting period is 6 years.
(ii) Tissue culture plants
The Company sells tissue cultures plants of banana, strawberry and pomegranate & others to its customers. Tissue
culture is a process where, propagation of a plant by using a plant part or single cell or group cell is done in a test
tube under very controlled and hygienic conditions. Tissue culture primarily involves initiation of aseptic cultures
from shoot-tips obtained from mother plants, multiplication of the shoots to the desired scale, induction of roots to
individual shoots, primary & secondary hardening of the tender plantlets in the poly-house.
The aseptic cultures which are planted in test tubes in a controlled environment, which would be sold subsequently
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completion of secondary hardening stage are transferred to inventory at fair value less costs to sell.
Costs to sell include the incremental selling costs, including fees, commission paid to brokers and dealers and
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maintenance and poly-house maintenance expenses are expensed as incurred.
The fair value of aspetic cultures in laboratory, primary hardening and secondary hardening plants is determined
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market price for tissue cultured plants after allowing for plantation maintenance costs and other costs yet to be
incurred in getting the tissue plantations to maturity.
2.23) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured
at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
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Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is
probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs.

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another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised
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liability for at least 12 months after the reporting period.

225
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

2.24) Borrowing costs
Borrowing costs consist of interest and transactions costs incurred in connection with the borrowing of funds. Borrowing
costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset that necessarily
takes a substantial period of time to get ready for its intended use) are capitalized as a part of the cost of such assets.
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qualifying assets is deducted from the borrowing costs eligible for capitalisation.

2.25) Provisions and contingent liabilities

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future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the
balance sheet date) at a pre-tax rate that reflects current market assessments of the time value of money and the risks
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the control of the Company, or present obligations where it is not probable that an outflow of resources will be required
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of economic resources is considered remote.

2.26) Employee Benefits

(i) Short-term obligations
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months after the end of the period in which the employees render the related service are recognised in respect of
employees services up to the end of the reporting period and are measured at the amounts expected to be paid when
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(ii) Other long-term employee benefit obligations

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of
the period in which the employees render the related service. They are therefore measured as the present value of
expected future payments to be made in respect of services provided by employees up to the end of the reporting
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reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of
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The obligations are presented as current liabilities in the Balance Sheet if the Company does not have an unconditional
right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement
is expected to occur.
(iii)Post-employment obligations
The Company operates the following post-employment schemes:

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Defined Benefit Plans - Gratuity obligations

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obligation is calculated annually by actuaries using the projected unit credit method.
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future cash outflows by reference to market yields at the end of the reporting period on government bonds that have
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than `, the cash flows are discounted using market yields determined by reference to high-quality corporate bonds
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terms of the related obligation.
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Loss.

226
 (All amount in ` Million, unless otherwise stated)
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the year in which they occur, directly in other comprehensive income. They are included in retained
earnings in the statement of changes in equity and in the Balance Sheet.
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Defined contribution plan
The Company pays provident fund contributions to publicly administered provident funds as per local regulations.
The Company has no further payment obligations once the contributions have been paid. The contributions are
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future payments is available.

(iv)Share-based payments
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expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the
fair value of the options granted:
including any market performance conditions (e.g., the entity’s share price)
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including the impact of any non-vesting conditions (e.g. the requirement for employees to save or holdings shares
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are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision
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(v) Bonus plans
The Company recognises a liability and an expense for bonuses. The Company recognises a provision where
contractually obliged or where there is a past practice that has created a constructive obligation.
(vi)Termination benefits
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falling due more than 12 months after the end of the reporting period are discounted to present value.
2.27) Dividends
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of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.

2.28) Earnings per share

(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
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elements in equity shares issued during the year.

(ii) Diluted earnings per share

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account:
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and
the weighted average number of additional equity shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares.”

227
228
(All amount in ` Million, unless otherwise stated)
3) PROPERTY, PLANT AND EQUIPMENT
Freehold Leasehold Buildings Green Plant and Furniture Office Vehicles Orchards Total Capital
[1]
land land (i) &[2] / poly equipment [3] and equipment (i) (Bearer Work In
houses fixtures plants) Progress[4]
YEAR ENDED MARCH 31, 2016
Gross Carrying Amount
Cost / deemed cost as at April 1, 2015 16,542.15 5.06 8,596.62 183.14 21,175.59 193.63 220.07 421.39 251.54 47,589.19 315.18
Additions 31.98 - 329.21 42.56 1,437.10 10.99 8.09 19.99 - 1,879.92 912.92
Transfer to Fixed Assets - (1,067.73)
Jain Irrigation Systems Ltd.

Disposals / adjustments [5] (3,145.53) - (2,535.18) (1.39) (5,361.38) (9.14) (34.84) (21.53) - (11,108.99) -
At March 31, 2016 13,428.60 5.06 6,390.65 224.31 17,251.31 195.48 193.32 419.85 251.54 38,360.12 160.37
Accumulated depreciation
As at April 1, 2015 - - - - 8,217.18 132.34 169.88 274.48 63.70 8,857.58 -
Charge for the year - 0.06 601.47 39.03 1,545.98 11.30 15.52 36.63 19.28 2,269.27 -
Disposals / adjustments - - (219.03) (1.28) (2,558.55) (7.91) (30.60) (13.78) - (2,831.15) -
At March 31, 2016 - 0.06 382.44 37.75 7,204.61 135.73 154.80 297.33 82.98 8,295.70 -
Net Block at March 31, 2016 13,428.60 5.00 6,008.21 186.56 10,046.70 59.75 38.52 122.52 168.56 30,064.42 160.37

YEAR ENDED MARCH 31, 2017

Gross Carrying Amount
Carrying amount as at April 1, 2016 13,428.60 5.06 6,390.65 224.31 17,251.31 195.48 193.32 419.85 251.54 38,360.12 160.37
Additions 28.66 - 415.29 5.93 525.27 10.39 10.23 28.52 - 1,024.29 1,000.11
Transfer to Fixed Assets - (963.73)
Disposals / adjustments - - - (16.54) (17.26) - - (2.27) - (36.07) -
At March 31, 2017 13,457.26 5.06 6,805.94 213.70 17,759.32 205.87 203.55 446.10 251.54 39,348.34 196.75
Accumulated depreciation
As at April 1, 2016 - 0.06 382.44 37.75 7,204.61 135.73 154.80 297.33 82.98 8,295.70
Charge for the year - 0.06 403.07 30.04 1,263.01 10.99 12.34 32.05 19.29 1,770.85
Disposals / adjustments - - - (1.79) (7.89) - - (1.36) - (11.04)
At March 31, 2017 - 0.12 785.51 66.00 8,459.73 146.72 167.14 328.02 102.27 10,055.51 -
Net Block at March 31, 2017 13,457.26 4.94 6,020.43 147.70 9,299.59 59.15 36.41 118.08 149.27 29,292.83 196.75

[1] Building includes tenancy rights gross value ` 505.21 (March 31, 2016 ` 505.21) (1st April 2015 ` 505.21)
[2] Depreciation of ` 7.97 (31st March 2016 ` 13.03) on heavy vehicles being used for site development during the year is capitalized.
[3] Property, plant and equipment addition during the year includes cost of self constructed assets amounting to ` 744.20 (March 31, 2016 ` 486.12)
[4] Addition in capital work in progress during the year includes cost of self constructed assets amounting to ` 173.72 (31st March 2016 ` 105.84)
[5] Disposals / adjustments include sale of certain property, plant and equipment to Jain Farm Fresh Foods Ltd. as slump sale under going concern for lumpsum consideration (Refer note 34)
 (All amount in ` Million, unless otherwise stated)
(i) Property, plant and equipment taken under finance lease
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Particulars Vehicle Leases Leasehold land
01-Apr-15 50.29 5.06
31-Mar-16 41.67 5.00
31-Mar-17 33.47 4.94
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(ii) Contractual obligations

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(iii) Capital work-in-progress

Capital work-in-progress mainly comprises of factory buildings and plant and machinery purchased at various locations.

(iv) Property, plant and equipment provided as security

Carrying amounts of property, plant and equipment pledged as security by the Company are as follows:
31-Mar-17 31-Mar-16 01-Apr-15
Freehold land 2,317.01 5,708.79 5,062.71
Buildings 1,920.34 1,910.41 3,499.46
Green / poly houses 60.22 69.92 81.18
Plant and equipment 5,173.66 6,043.36 7,159.33
Furniture, fixtures and office equipment 1.15 1.39 2.04
Vehicles 33.47 41.67 50.29
9,505.85 13,775.54 15,855.01
Entire movable plant and machinery, equipments, appliances, furniture, vehicles, machinery spares and stores and accessories are provided as security to working capital lenders
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release of charge over free hold land and buildings having carrying value of ` 62.14 and ` 72.40 respectively as at March 31, 2017.

229
230
(All amount in ` Million, unless otherwise stated)
4) INTANGIBLE ASSETS
Computer Technical Non- Water Goodwill Product Total
software knowhow Compete Rights Development
fees
YEAR ENDED 31ST MARCH 2016
Gross Carrying Amount
Cost as at 1st April 2015 117.49 94.81 9.33 75.13 3.54 232.74 533.04
Additions 49.38 - - - - - 49.38
Disposals / adjustments (0.70) (12.76) - - - - (13.46)
Jain Irrigation Systems Ltd.

At 31st March 2016 166.17 82.05 9.33 75.13 3.54 232.74 568.96
Accumulated depreciation
As at 1st April 2015 76.31 85.02 8.86 11.27 3.54 195.49 380.49
Charge for the year 23.16 2.55 - 7.51 - 3.64 36.86
Disposals / adjustments (0.05) (9.62) - - - - (9.67)
At 31st March , 2016 99.42 77.95 8.86 18.78 3.54 199.13 407.68
Net Block at 31st March 2016 66.75 4.10 0.47 56.35 - 33.61 161.28

YEAR ENDED 31ST MARCH 2017

Gross Carrying Amount
Carrying amount as at 1st April 2015 166.17 82.05 9.33 75.13 3.54 232.74 568.96
Additions 26.24 - - - - - 26.24
Disposals / adjustments; - - - - - - -
At 31st March 2017 192.41 82.05 9.33 75.13 3.54 232.74 595.20
Accumulated depreciation
As at 1st April 2016 99.42 77.95 8.86 18.78 3.54 199.13 407.68
Charge for the year 24.43 4.10 0.47 7.52 - 3.64 40.16
Disposals / adjustments - - - - - - -
At 31st March 2017 123.85 82.05 9.33 26.30 3.54 202.77 447.84
Net Block at 31st March 2017 68.56 - - 48.83 - 29.97 147.36
 (All amount in ` Million, unless otherwise stated)

5) INVESTMENT PROPERTY
31-Mar-17 31-Mar-16 01-Apr-15
Gross carrying amount
Opening balance / Deemed cost - - -
Additions * 264.99 - -
Closing balance 264.99 - -
Accumulated depreciation
Opening balance - - -
Depreciation charge 8.06 - -
Closing balance 8.06 - -
Net carrying amount 256.93 - -
* As a result of capitalisation from capital work in progress
i) Amount recognised in statement of Profit and Loss for investment properties
Depreciation (8.06) - -
Profit (loss) from investment property (8.06) - -
ii) Fair value
Investment properties # 256.93 - -
# Estimation of Fair value
In view of the recent capitalization of investment property, the management is of the opinion that the carrying value
can be considered as fair value, which would be considered as level-3 valuation. Going forward the Company through
involving external independent valuation experts would assess the fair valuation using an appropriate method. The
valuation model would consider various inputs like cost, location, market appreciation, etc.

6) INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES

Notes 31-Mar-17 31-Mar-16 01-Apr-15
Investment in equity instruments of subsidiaries
See note (i) 10,346.84 12,950.63 6,127.50
(unquoted) (fully paid-up)
Investment in equity instruments of associate
See note (ii) 601.08 595.67 588.01
(unquoted) (fully paid-up)
10,947.92 13,546.30 6,715.51
Aggregate amount of quoted investments and market
- - -
value thereof
Aggregate amount of unquoted investments 10,947.92 13,546.30 6,715.51
Aggregate amount of impairment in the value of
- - -
investments

31-Mar-17 31-Mar16 01-Apr-15

No’s Amount No’s Amount No’s Amount
(i) Investment in equity instruments of
subsidiaries (unquoted) (fully paid-up)
Investment in JISL Overseas Ltd., Mauritius. - 62,305,891 2,833.55 62,305,891 2,819.01 62,305,891 2,800.96
US $ 1 each*
Investment in Jain International Trading BV, 1,293 691.56 1,293 3,329.89 1,293 3,326.54
Netherland - US$ 2,427.1137 each
Investment in Jain Irrigation Holding Inc. USA - 1 # 1 # 1 #
US $ 1 each # value ` 42
Investment in Jain Farm Fresh Foods Ltd. 22,865,487 6,801.63 22,865,487 6,801.63 - -
` 10 each
Investment in Jain Processed Foods Trading & 2,009,998 20.10 9,998 0.10 - -
Investments Pvt. Ltd. ` 10 each
Investments In Driptech India Pvt. Ltd. ` 10 6,490 ## 6,490 ## - -
each ## value ` 1,350
Total 10,346.84 12,950.63 6,127.50
* Includes 1,978,113 shares pledged with
financial institution as collateral security,
however loan is since repaid.

231
 Jain Irrigation Systems Ltd.

Contd...6) Investments in subsidiaries and associates (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar16 01-Apr-15

No’s Amount No’s Amount No’s Amount
(ii) Investment in equity instruments of
associate (unquoted) (fully paid-up)
“Sustainable Agro-Commercial Finance 5,88,00,000 601.08 5,88,00,000 595.67 5,88,00,000 588.01
Limited equity shares of ` 10 each”
Total 601.08 595.67 588.01

7) FINANCIAL ASSETS
7(a) INVESTMENTS
Notes 31-Mar-17 31-Mar-16 01-Apr-15
Investment in equity instruments (quoted) (fully paid-up) See note (i) 0.17 0.24 0.24
Investment in equity instruments (unquoted) (fully See note (ii) 0.05 0.05 0.05
paid-up)
Investment in preference shares of subsidiaries See note (iii) - 696.06 612.05
(unquoted) (fully paid-up)
Investment in mutual funds (quoted) See note (iv) 12.00 13.06 10.09
Investment in Bonds/NCD (quoted) See note (v) 10.00 15.00 15.00
Investment in government or trust securities
(unquoted) at amortised cost
- National saving certificates 0.01 0.01 0.01
- Indira vikas patra # Value ` 5,000 # # #
Total 22.23 724.42 637.44
Aggregate amount of quoted investments and market 22.17 28.30 25.33
value thereof
Aggregate amount of unquoted investments 0.06 696.12 612.11
Aggregate amount of impairment in the value of - - -
investments

31-Mar-17 31-Mar-16 01-Apr-15

No’s Amount No’s Amount No’s Amount
(i) Investment in equity instruments
(quoted) (fully paid-up) at Fair Value
through Profit or Loss
Reliance Industries Limited 90 0.13 90 0.09 90 0.08
Reliance Communication Limited 45 0.00 45 0.00 45 0.00
Reliance Infrastructure Limited 3 0.00 3 0.00 3 0.00
Reliance Capital Limited 2 0.00 2 0.00 2 0.00
Reliance Power Limited 11 0.00 11 0.00 11 0.00
Finolex Industries Limited 75 0.04 75 0.03 75 0.02
Union bank of India - 908 0.12 908 0.14
Sub-total 0.17 0.24 0.24
Less: Impairment allowance - - -
Total 0.17 0.24 0.24
(ii) Investment in equity instruments
(unquoted) (fully paid-up) at Fair Value
through Profit or Loss
Shares of ` 10 Astitwa Co-Op. Housing Society Ltd. 25 0.00 25 0.00 25 0.00
Shares of ` 100 each of Sarjan Members 5 0.00 5 0.00 5 0.00
Association
Shares of ` 50 each of Rajdeep Vrundavan Co- 15 0.00 15 0.00 15 0.00
Op. Housing Society
Shares of Edlabad Sut Girni Co-Operative Society Ltd. 200 0.00 200 0.00 200 0.00
Shares of ` 250 each of Shrinathjee Co-Op. 20 0.01 20 0.01 20 0.01
Housing Society Ltd.
Linking Shares of ` 25 each of Jalgaon Janta 1,849 0.04 1,849 0.04 1,849 0.04
Sahakari Bank Ltd.
Sub-total 0.05 0.05 0.05

232
Contd...7a) Investment (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

No’s Amount No’s Amount No’s Amount
Less: Impairment allowance - - -
Total 0.05 0.05 0.05
iii) Investment in preference shares of
subsidiaries (unquoted) at Fair Value
through Profit or Loss
Non cumulative redeemable preference shares of - - 1,17,50,000 696.06 1,17,50,000 612.05
US$1 each in JISL Overseas Limited, Mauritius
(non-cumulative coupon rate of 6% bullet
redemption after 8 years)
Sub-total - 696.06 612.05
Less: Impairment allowance - - -
Total - 696.06 612.05

(iv) Investment in mutual funds (quoted) at

Fair Value through Profit or Loss
Canara Robaco Capital Protection oriented fund 4,99,990 6.09 9,00,000 10.52 9,00,000 10.09
Series III Growth ` 10 each
Canara Robaco Capital Protection oriented fund 2,49,990 2.80 2,49,990 2.54 - -
Series VI Growth ` 10 each
Canara Robaco Capital Protection oriented fund 3,00,000 3.11 - - - -
Series VII Growth ` 10 each
Sub-total 12.00 13.06 10.09
Less: Impairment allowance - - -
Total 12.00 13.06 10.09
(v) Investment in Bonds/NCD (quoted) at
amortised cost
Units of YES Bank - II Tier NC Bond `10 Lacs 10 10.00 10 10.00 10 10.00
each
Industrial Finance Corporation of India Ltd. NCD - - 5,000 5.00 5,000 5.00
` 1,000 each
Sub-total 10.00 15.00 15.00
Less: Impairment allowance - - -
Total 10.00 15.00 15.00

31-Mar-17 31-Mar-16 01-Apr-15

7(b) TRADE RECEIVABLES
(Unsecured, considered good unless stated otherwise)
Dues from subsidiaries 771.78 3,980.31 3,542.45
Due from other trade receivables 15,800.58 15,407.77 14,831.29
Less: Impairment allowance (1,221.08) (1,401.99) (1,190.05)
Total receivables 15,351.28 17,986.09 17,183.69
Current portion 15,351.28 17,986.09 17,183.69
Non-current portion - - -
Above includes ` 853.71 (31st March 2016 ` 333.30, 1stApril 2015
` 413.05) where legal action has been initiated for recovery.
Trade receivables are receivable in normal operating cycle and are
shown net of an allowance for bad or doubtful debts.
Trade receivables stated above are charged on a first pari-passu basis
between working capital consortium members led by State Bank of India
Trade and other receivables due from directors or other officers
of the Company either severally or jointly with any other person is
disclosed as part of note 37- Related party transaction along with
other related parties transaction.
Break-up of security details
Trade receivables
Secured, considered good - - -
Unsecured, considered good 15,351.28 17,986.09 17,183.69
Unsecured, considered doubtful 1,221.08 1,401.99 1,190.05
Sub-total 16,572.36 19,388.08 18,373.74

233
 Jain Irrigation Systems Ltd.

Contd...7b) Trade Receivables (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

Less: Impairment allowance (1,221.08) (1,401.99) (1,190.05)
Total 15,351.28 17,986.09 17,183.69
7(c) CASH AND BANK BALANCES
(i) Cash and Cash Equivalents
Balances with banks in current accounts 356.62 1,277.95 2,192.44
Fixed Deposits with maturity less than 3 months 2.79 1.40 18.09
Cash on hand 3.50 5.69 8.89
Total 362.91 1,285.04 2,219.42
There are no repatriation restrictions with regard to cash and cash
equivalents as at the end of reporting period and prior periods.

(ii) Bank balances other than cash and cash equivalents

Fixed deposits with maturity of more than 3 months and less than 1,284.90 0.92 -
12 months
Balance with banks held as margin money (against bank 22.19 25.53 24.66
guarantees)
Unpaid dividend bank account 10.82 10.06 9.13
Total 1,317.91 36.51 33.79
7(d) LOANS
Non-Current (Unsecured, considered good unless stated
otherwise)
Loans to related parties
- Loans to subsidiaries - 757.19 795.84
- 757.19 795.84
Current (Unsecured, considered good unless stated otherwise)
Loans to employees 137.50 138.51 169.32
Loans to related parties
- To subsidiaries - 20.66 19.50
- To associate - - 0.02
- To other related parties 24.82 43.41 40.65
Total 162.32 202.58 229.49
7(e) OTHER FINANCIAL ASSETS
Non-current (Unsecured, considered good unless stated otherwise)
Derivative assets 8.20 41.24 15.97
Deposits with maturity of more than 12 months - 24.32 3.78
Security deposits 1,060.78 1,089.45 994.06
Share application money 17.50 37.50 17.50
Total 1,086.48 1,192.51 1,031.31
Current (Unsecured, considered good unless stated otherwise)
Current portion of loans to subsidiaries 12.38 1,341.10 1,091.21
Security deposits
- To others 34.99 33.91 34.33
- To related parties 449.49 497.31 545.14
Derivative assets 10.57 28.38 145.13
Interest receivable 23.42 5.17 6.99
Receivable against slump sale from subsidiary - 1,263.05 -
Total 530.85 3,168.92 1,822.80
(i) Security deposits primarily include security deposits recoverable
from customers, earnest money deposit, deposits given towards
rented premises, warehouses and electricity deposits.

(ii) Security deposit and loans to related parties are disclosed as

part of note 37- Related party transaction along with other related
parties transaction.

234
 (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

8) OTHER ASSETS
Non-current (Unsecured, considered good unless stated otherwise)
Capital advances 445.92 405.72 429.70
Advances other than capital advances :
Others
- Prepaid expenses 81.97 88.27 7.34
- Incentive receivables 63.39 214.57 236.09
Total 591.28 708.56 673.13
Current (Unsecured, considered good unless stated otherwise)
Advances other than capital advances
- Advance to suppliers 2,989.28 3,305.59 3,349.08
Less : provision against trade advance (250.00) (218.92) (99.98)
- Employee advances 76.56 71.09 43.95
Others
- Prepaid expenses 211.20 209.30 430.34
- Balance with excise, customs and sales tax authorities 412.28 394.69 376.20
- Invoices to be raised in respect of incomplete Contract (refer note 35) 8.07 - -
- Claims receivables 1,684.43 1,700.84 1,514.89
Less Provision against claim receivable (164.67) (87.38) -
- Incentive receivables 1,689.72 1,340.41 1,346.62
Less Provision against incentive receivable (349.09) (288.44) (250.24)
Total 6,307.78 6,427.18 6,710.86

31-Mar-17 31-Mar-16
9) INCOME TAX ASSETS
Non-current
Advance tax, net of provision
- Balance at the beginning of the year 439.62 345.47
- Less: Current tax provision for the year (178.26) (23.47)
- Add: Taxes paid during the year 115.43 117.62
Closing Balance 376.79 439.62

31-Mar-17 31-Mar-16 01-Apr-15

10) INVENTORIES
(at lower of cost or net realisable value)
Raw materials 3,251.59 4,836.73 5,407.97
Stores and consumables 283.52 329.07 291.85
Work-in-progress - - -
Finished goods 5,387.80 2,175.85 5,613.43
Total 8,922.91 7,341.65 11,313.25
Included in inventories goods in transit as follows:
Raw materials 546.94 361.93 318.50
Stores, spares and consumables 9.49 4.19 2.76
Finished goods 41.42 65.03 24.99
Total 597.85 431.15 346.25
Inventories stated above are hypothecated on a first pari-passu charge basis between working capital consortium members
led by State Bank of India

235
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Tissue culture plantations

31-Mar-17 31-Mar-16
11) BIOLOGICAL ASSETS
Opening balance 314.07 349.61
New plantations 1,115.73 853.05
Loss during transformation (54.36) (42.40)
Change in fair value due to biological transformation 79.12 30.37
Change in fair value due to price changes 96.73 (33.55)
Transfer of harvested secondary hardening plants to inventory (935.63) (843.01)
Closing balance 615.66 314.07

Current Assets
- Asthetic cultures at laboratory stage 226.23 131.88
- Saplings at primary hardening stage 117.19 49.67
- Saplings at secondary hardening stage 272.24 132.52
Total 615.66 314.07
As at 31-Mar-17, there were 77.80 million of plants under tissue culture process (31-Mar-16: 60.15 million of plants).
During the year, the Company sold 66.47 million no’s of cultured plantations (31-Mar-16: 65.41 million of cultured
plantations).
Biological assets stated above are part of total current assets hypothecated on a first pari-passu charge basis to working
capital consortium members led by State Bank of India

(i) Estimates and judgements:

Tissue culture plantations: Estimates and judgements in determining the fair value of tissue cultured plants relate
to market prices, quality of plants, and mortality rates. The impact of discounting is not considered material as the
transformation cycle is less than 6 months.
(ii) Fair value information:
The fair value measurements of Tissue culture plantations have been categorised as Level 3 fair values based on the
inputs to the valuation techniques used. The following table shows the gain or losses recognised in relation to level 3
fair values.
Tissue culture plantations
31-Mar-17 31-Mar-16
Total gain / (loss) recognised in the Statement of Profit and Loss 161.98 (32.84)
Change in unrealised gain / (loss) recognised in the Statement of Profit and Loss 314.32 152.34
(iii) Valuation inputs and relationship to fair value
 6JGHQNNQYKPIVCDNGUWOOCTKUGUVJGSWCPVKVCVKXGKPHQTOCVKQPCDQWVVJGUKIPKƒECPVWPQDUGTXCDNGKPRWVUWUGFKPVJG
fair value measurements of tissue culture plantations.
Fair value as at
Particulars 31-Mar-17 31-Mar-16 01-Mar-15
Tissue culture plantations 615.66 314.07 349.61
(Measured at fair value less costs to sell estimating projected cash
flows, impact of discounting not considered material due to short
transformation cycle)

Significant unobservable inputs: Inter-relationship between key unobservable inputs

and fair value measurements
Estimated future market prices of Tissue plantations per The estimated fair value would increase / (decrease) if:
plant / sapling (31st March 2017 ` 15.6 Weighted average, the market price per plant were higher / (lower)
31-Mar-16: ` 15.9 Weighted average, 1st April 2015 ` 15.1
Weighted average)
Estimated mortality per stage (31st March 2017 5.8%, the Estimated mortality per stage were lower / (higher)
31st March 2016 7.7%, 1st April 2015 6.6%)

The Company’s plantations are exposed to risk of damage from climate change, diseases. The Company has extensive
processes in place aimed at monitoring and mitigating those risks. Further, the demand is subject to external climatic
conditions. Management performs regular industry trend analysis for projected harvest volumes and pricing.

236
 (All amount in ` Million, unless otherwise stated)
12) SHARE CAPITAL
[a] Authorised share capital
Equity shares of ` 2/- Redeemable preference Equity shares of ` 2/-
each (PY ` 2/- each) shares of ` 100/- each each with differential
(PY ` 100/- each) voting rights
(PY ` 2/- each)
No. of shares Amount No. of shares Amount No. of shares Amount
As at 1-April-2015 926,500,000 1,853.00 5,000,000 500.00 310,000,000 620.00
Increase during the year - - - - -
As at 31-Mar-2016 926,500,000 1,853.00 5,000,000 500.00 310,000,000 620.00
Increase during the year - - - - -
As at 31-Mar-2017 926,500,000 1,853.00 5,000,000 500.00 310,000,000 620.00

[b] Issued equity share capital

Equity shares of ` 2/- Equity shares of ` 2/- Total
each (PY ` 2/- each) each with differential
voting rights
(PY ` 2/- each)
No. of shares Amount No. of shares Amount
As at 1-Apr-2015 443,119,978 886.24 19,294,304 38.59 924.83
Addition by conversion of share warrants
14,100,000 28.20 - - 28.20
(Refer note 12 (b) (i))
As at 31-Mar-2016 457,219,978 914.44 19,294,304 38.59 953.03
Exercise of options - proceeds received
2,946,075 5.89 - - 5.89
(Refer note 12 (b) (ii))
As at 31-Mar-2017 460,166,053 920.33 19,294,304 38.59 958.92

(i)2WTUWCPVVQTGUQNWVKQPRCUUGFD[VJG$QCTFQH&KTGEVQTUQHVJG*QNFKPI%QORCP[CVVJGOGGVKPIJGNFQP March th

2016, the Company has allotted 14,100,000 Ordinary Equity Shares of ` 2/- each at a premium of ` 78/- each in
conversion of 14,100,000 equity warrants of ` 80/- each to promoter group entity on preferential basis.
(ii)2WTUWCPV VQ TGUQNWVKQP RCUUGF D[ VJG '512 EQOOKVVGG QH VJG *QNFKPI %QORCP[ CV VJG OGGVKPI JGNF QP rd
5GRVGODGTVJG*QNFKPI%QORCP[JCUCNNQVVGFGSWKV[UJCTGU` 2/- each at a premium of ` 52.40/-
each.
(i) Terms / rights, preferences and restrictions attached to equity shares: “Each holder of Ordinary Equity Shares
isentitled to one vote per share. They have right to receive dividend proposed by the Board of Directors and approved
by the Shareholders in the Annual General Meeting, right to receive annual report and other quarterly/half yearly
annually reports/notices and right to get new shares proportionately in case of issuance of additional shares by
The group. In the event of liquidation of The group, the holders of Equity Shares will be entitled to receive remaining
assets of The group, after distribution of all preferential amounts. The distribution will be in proportion to the number
QH1TFKPCT['SWKV[5JCTGUJGNFD[VJG5JCTGJQNFGTU6JGITQWRJCUCƒTUVCPFRCTCOQWPVNKGPWRQPCNNVJG1TFKPCT[
Equity Shares.”
(ii)Terms and conditions of differential voting rights (DVR): The DVR equity shareholders have the same rights as
the Ordinary Equity Shares of the group except voting rights. Every 10 DVR equity shares have one voting right on
poll (on show of hands however, they carry 1 vote for every person voting). Any DVR holder holding less than 10
DVR equity shares holds fractional voting rights. The DVR equity shares have right to receive full dividend, to receive
annual report, right to receive quarterly/half yearly/annually reports/notices and other information/correspondence
from time to time, to receive bonus and/or rights shares of the same class of shares as and when such an issue is
made in respect of Ordinary Equity Shares and in the same ratio and terms. In case of buy back or reduction of capital
of Ordinary Equity Shares, the DVR equity shares have right subject to buyback or reduction on the same terms as
Ordinary Equity Shares. Further, in case of issue of Ordinary Equity Shares or any other securities or assets to ordinary
equity shares in case of amalgamation/demerger/ re-organisation reconstruction, the DVR Equity Shares have right
to receive DVR Equity Shares and any other securities/assets as issued to Ordinary Equity Shares. They have right to
hold separate class meeting if their rights are affected in any manner adversely.

237
 Jain Irrigation Systems Ltd.

Contd...12) share capital (All amount in ` Million, unless otherwise stated)

[c] Details of shareholders holding more than 5% of the aggregate shares in the company:
(i) Equity shares of (face value: ` 2/- each)
31-Mar-17 31-Mar-16 01-Apr-15
No. of % of total No. of % of total No. of % of total
shares equity shares equity shares equity
shares shares shares
Jalgaon Investments Pvt. Ltd. 104,105,000 22.62% 104,105,000 22.77% 104,105,000 23.49%
MKCP Institutional Investor
- - 35,154,335 7.69% 35,154,335 7.93%
(Mauritius) II Ltd.

(ii) Equity shares with differential voting rights (face value: ` 2 each)
31-Mar-17 31-Mar-16 01-Apr-15
No. of % of total No. of % of total No. of % of total
shares DVR shares DVR shares DVR
Jalgaon Investments Pvt. Ltd. 4,830,250 25.03% 4,830,250 25.03% 4,830,250 25.03%

12(a) Other Equity

31-Mar-17 31-Mar-16 01-Apr-15
Capital reserve 12(b) (i) 743.91 743.91 743.91
Capital redemption reserve 12(b) (ii) 896.72 896.72 896.72
Securities Premium Reserve 12(b) (iii) 11,856.09 11,672.61 10,572.81
Share options outstanding account 12(b) (iv) - 29.59 29.59
Retained earnings 12(b) (v) 23,775.14 22,496.22 22,158.31
General Reserve 12(b) (vi) 2,308.01 2,308.01 2,308.01
Foreign Currency monetary Item Translation Difference 12(c) (i) (94.75) (203.08) -
Account
Equity component of convertible debentures 12(c) (ii) 2,720.96 2,720.96 -
42,206.08 40,664.94 36,709.35

12(b) RESERVES AND SURPLUS

31-Mar-17 31-Mar-16
(i) Capital reserve
Capital Reserve is created on account of amalgamation of Orient Vegexpo Limited
into the Company and on forfeiture of equity warrants.
Balance at the beginning of the year 743.91 743.91
Movement during the year - -
Balance at the end of the year 743.91 743.91

(ii) Capital redemption reserve

The Company recognises profit or loss on purchase, sale, issue or cancellation of
Company’s own equity instruments and preference shares to capital redemption
reserve.
Balance at the beginning of the year 896.72 896.72
Movement during the year - -
Balance at the end of the year 896.72 896.72

(iii) Securities premium reserve

Security Premium Reserve is used to record the premium on issue of shares. The
reserve is utilised in accordance with the provision of the Act.
Balance at the beginning of the year 11,672.61 10,572.81
Add: On issue of 14,100,000 equity shares at premium of ` 78/- each# - 1,099.80
Add: On issue of 2,946,075 equity shares at premium of ` 52.40/- each## 183.98 -
Less: share issue expenses (0.50) -
Balance at the end of the year 11,856.09 11,672.61
# Pursuant to resolution passed by the Board of Directors of the Company at the meeting held on March 24, 2016, the
Company has allotted 14,100,000 Ordinary Equity Shares of ` 2/- each at a premium of ` 78/- each in conversion of
14,100,000 equity warrants of ` 80/- each to promoter group entity on preferential basis.
## Pursuant to resolution passed by the ESOP committee at the meeting held on September 03, 2016, the Company
has allotted 29,46,075 equity shares ` 2/- each at a premium of ` 52.40/- each.

238
Contd...12 b) Reserves and Surplus (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16
(iv) Share options outstanding account
The Company has approved Employee stock options and shares plan 2005
(‘ESOP’). The share options outstanding account is used to recognise the value of
equity-settled share based payments provided to the eligible employees including
working & non-executive directors as part of their remuneration. Refer note 27 for
further details of the ESOP plans.
Balance at the beginning of the year 29.59 29.59
Employee stock option expense - -
Less: Transferred to securities premium on account of exercise of options (29.59) -
Balance at the end of the year - 29.59
(v) Retained earnings
Retained earning represents surplus/accumulated earnings of the Company and are
available for distribution to shareholders
Balance at the beginning of the year 22,496.22 22,158.31
Net profit for the year 1,638.02 611.48
Items that will not be reclassified to profit or loss:
- Remeasurements of defined benefit obligations (106.15) 7.19
- Income tax relating to the above items 36.74 (2.49)
- Dividend paid (including dividend distribution tax) (289.69) (278.27)
Balance at the end of the year 23,775.14 22,496.22
Proposed Dividends on Equity Shares not recognised
Final dividend for the year ended [` 0.75 per share (PY ` 0.50 per share)] 359.60 238.26
Dividend distribution tax on proposed dividend 73.20 48.50
Balance at the end of the year 432.80 286.76

(vi) General reserve

Balance at the beginning of the year 2,308.01 2,308.01
Movement during the year - -
Balance at the end of the year 2,308.01 2,308.01
12(c) OTHER RESERVES
(i) Foreign currency monetary items translation difference account
Foreign Currency monetary Item Translation Difference Account represents amounts
recognised on account of long term foreign currency denominated borrowings not
related to acquisition of depreciable assets. Amounts so recognised are amortised
in the Statement of Profit and Loss over remaining maturity of borrowings.
Balance at the beginning of the year (203.08) -
Exchange gain / (loss) during the year 81.73 (286.98)
Amortised during the year 26.60 83.90
Balance at the end of the year (94.75) (203.08)
(ii) Equity component of convertible debentures
Balance at the beginning of the year 2,720.96 -
Movement during the year - 2,720.96
Balance at the end of the year 2,720.96 2,720.96

13)FINANCIAL LIABILITIES
Maturity Security and terms of 31-Mar-17 31-Mar-16 01-Apr-15
Date repayment
13(a) NON-CURRENT BORROWINGS
Secured
(i) Rupee Term loans - From banks (Average interest rate for loan under category is 11.66%)
South Indian FY 2016-17 The Loan is repayable in 2 - 249.83 500.00
Bank installments of ` 250 each
on end of 24th and 35th month
starting from 26th October 2015.
For security detail [Refer security
details (vii)]

239
 Jain Irrigation Systems Ltd.

Contd...13a) Non-Current Borrowings (All amount in ` Million, unless otherwise stated)

Maturity Security and terms of 31-Mar-17 31-Mar-16 01-Apr-15

Date repayment
Yes Bank FY 2018-19 The loan is repayable in 14 - 542.52 932.55
quarterly installments of ` 25
to ` 125 starting
from 11th July 2015.For security
detail [Refer point no. (d) of
security details (viii)]
Union Bank FY 2019-20 Pursuant to prepayment of loan of 0.50 449.95 498.35
` 499.50 the outstading balance
as on 31th March 2017 is ` 0.50
payable on 31st December 2019.
For security detail [Refer point no.
(c) of security details (viii)]
Exim bank FY 2022-23 The loan repayable in 19 quarterly 894.16 619.20 -
installment of ` 2 to ` 50 starting
from 1st January 2018. For
security detail [Refer point no. (a)
and (b) of security details (ii)]
Exim bank FY 2023-24 The loan repayable in 20 equal 483.39 - -
quarterly installment of ` 35 each
starting from 1st January 2019. For
security detail [Refer point no. (a)
and (b) of security details (ii)]
IDFC Bank FY 2022-23 The loan is repayable in 40 294.74 413.64 588.32
Ltd. quarterly installments of ` 13.50
to ` 31.67 starting from
15th October 2012. For security
detail [Refer security details (vi)]
(ii) Rupee Term loans - From financial institutions / Other parties
StarAgri FY 2016-17 The loan is fully repayable on - 250.00 -
Finance Ltd 15th March 2017. For security
detail [Refer security details (ix)]
IFCI Ltd. FY 2019-20 The loan is repayable in 16 - 798.29 992.84
quarterly installments of ` 62.50
starting from 15th Junuary 2016.
For security detail [Refer point no.
(a) of security details (viii)]
IFCI Ltd. FY 2020-21 The loan is repayable in 16 - 994.70 993.57
quarterly installments of ` 62.50
starting from 15th March 2017. For
security detail [Refer point no. (b)
of security details (viii)]
(iii) Foreign Currency Term Loans (Average interest rate for loan under category is 5.04%)
FCL - Import FY 2016-17 The loan is repayable in 4 - 14.34 48.22
Finance half-yearly installments of US$
Program 0.26 million each starting from
29th January 2015. For security
detail [Refer security details (iv)]
External commercial borrowings:
International FY 2015-16 The loan is repayable in 11 half - - 169.88
finance yearly installments of US$ 1.36
corporation million each starting from
(IFC) 15th October 2010. For security
detail [Refer point no. (a) of
security details (i)]
International FY 2016-17 The loan is repayable in 11 half - 180.91 338.48
finance yearly installments of US$ 1.36
corporation million each starting from
(IFC) 15th October 2011.For security
detail [Refer point no. (b) of
security details (i)]

240
Contd...13a) Non-Current Borrowings (All amount in ` Million, unless otherwise stated)

Maturity Security and terms of 31-Mar-17 31-Mar-16 01-Apr-15

Date repayment
International FY 2016-17 The loan is repayable in 11 half - 177.51 335.30
finance yearly installments of US$ 1.36
corporation million each starting from
(IFC) 30th March 2012. For security
detail [Refer point no. (c) of
security details (i)]
International FY 2017-18 The loan is repayable in 11 half 142.26 360.09 508.79
finance yearly installments of US$ 1.36
corporation million each starting from
(IFC) 31th December 2012. For security
detail [Refer point no. (d) of
security details (i)]
International FY 2020-21 The loan is repayable in 12 half 1,165.32 1,479.49 1,490.87
finance yearly installments of US$ 0.38
corporation million to US$ 6.21 million
(IFC) starting from 30th May 2015.For
security detail [Refer point no. (a)
of security details (ii)]
FMO - FY 2020-21 The loan is repayable in 11 half 897.36 1,155.53 1,215.44
Nederlandse yearly installments of US$ 0.03
Inancierings- million to US$ 3.15 million
Maatschappij starting from 30th November 2015.
Voor For security detail [Refer point no.
Ontwikkelings (b) and (c) of security details (ii)]
landen N.V.
DEG - FY 2020-21 The loan is repayable in 11 half 1,114.43 1,471.26 1,523.17
Deutsche yearly installments of US$ 0.08
Investitions- million to US$ 3.97 million
Und Entwickl starting from 30th November 2015.
ungsge- For security detail [Refer point no.
sellschaft MBH (f) and (g) of security details (ii)]
PROPARCO FY 2022-23 The loan is repayable in 14 half 979.32 1,201.43 1,216.68
- Société De yearly installments of US$ 0.21
Promotion million to US$ 3.25 starting from
Et De 30th November 2015. For security
Participation detail [Refer point no. (d) and (e) of
Pour La security details (ii)]
Coopération
Économique
Vehicle Loans FY 2020-21 Average interest rate for different 35.39 30.48 31.91
loans included here is 9.44% .
For security detail [Refer security
details (v)]
Sub-total 6,006.87 10,389.17 11,384.37

Unsecured
(i) Bonds
Foreign FY 2017-18 FCCB Holder has option to 2,832.37 2,700.87 2,385.11
currency convert bond into Equity Shares
convertible or Bullet repayment on
bonds (FCCB) 16th October 2017. 3.00% p.a
- IFC with the redemption premium at
13.39%
Foreign FY 2018-19 “FCCB Holder has option to 342.71 328.89 292.26
currency convert bond into Equity Shares
convertible or Bullet repayment on
bonds (FCCB) 5th May 2018. 3.00% p.a with the
- FMO - redemption premium at 13.39%”
Nederlandse
Inancierings-
Maatschappij
Voor On
twikkelings
landen N.V.

241
 Jain Irrigation Systems Ltd.

Contd...13a) Non-Current Borrowings (All amount in ` Million, unless otherwise stated)

Maturity Security and terms of 31-Mar-17 31-Mar-16 01-Apr-15

Date repayment
Foreign FY 2018-19 “FCCB Holder has option to 342.10 327.78 290.83
currency convert bond into Equity Shares
convertible or Bullet repayment starting from
bonds (FCCB) 5th May 2018. 3.00% p.a with the
- PROPARCO redemption premium at 13.39%”
- Société De
Promotion
Et De
Participation
Pour La
Coopération
Économique
(ii) Rupee Term loans - From others
IL&FS Financial FY 2017-18 “The loan is repayable by bullet - 36.72 70.30
Services Ltd. installment on 8th July 217”
(iii) Foreign currency Term loans (Average interest rate for loan under category is 0.91%)
UBS AG FY 2015-16 The loan is repayable in 11 half - - 64.04
yearly installments of CHF 0.92
million to CHF 0.99 million each
starting from 16th August 2010
UBS AG FY 2017-18 The loan is repayable in 15 half 83.14 176.01 248.91
yearly installments of CHF 0.22
million to CHF 0.65 million each
starting from 28th March 2011
UBS AG FY 2018-19 The loan is repayable in 14 half 131.01 231.83 306.54
yearly installments of CHF 0.67
million each starting from 12th
December 2011
UBS AG FY 2018-19 The loan is repayable in 14 314.38 500.67 630.52
half yearly installments of CHF
0.86 million to CHF 1.21 million
starting from 02nd April 2012
(iv) Liability component of compound financial instruments
Compulsory FY 2017-18 CCD Holder to convert 205.79 187.65 -
convertible debentures into Equity Shares
debentures within 18 months (11th September
(CCD) 2017). 5.00% p.a
Sub-total 4,251.50 4,490.42 4,288.51
Total non-current borrowings 10,258.37 14,879.59 15,672.88
Less: Current maturities of non-current borrowings (4,995.49) (2,754.88) (2,049.98)
Non-current borrowings 5,262.88 12,124.71 13,622.90

(i) Compulsorily convertible debentures

The Company has issued compulsory convertible debentures for ` 80/- on 11th March 2016. The debentures shall
be converted into equity shares at a conversion price of ` 80/- per equity share within 18 months from the date of
issue.
31-Mar-17 31-Mar-16 01-Apr-15
Face value of the debentures 2,896.00 2,896.00
Equity component of convertible debentures - value of conversion
(2,706.29) (2,706.29) -
rights#
189.71 189.71 -
Issue costs apportioned to liability (3.49) (3.49)
Interest expenses* 27.90 1.43
Interest paid (8.33) -
Non-current borrowings 205.79 187.65
* Interest expense in calculated by applying the effective interest rate of 14.67% to the liability component.
# The equity component of convertible bonds has been presented in the statement of changes in equity after considering
the impact of deferred tax of ` 64.46 and issue expenses of ` 49.79.

242
 (All amount in ` Million, unless otherwise stated)

Security 31-Mar-17 31-Mar-16 01-Apr-15

13(b) CURRENT BORROWINGS
(i) Loans repayable on demand
Secured (Average interest rate for loan under
category is 11.94%)
- From banks
Working capital loans 3,112.50 5,129.99 1,398.84
Cash credit accounts For security detail 75.25 5,436.50 10,115.68
[Refer security
Export packing credit details (x)] 2,463.46 2,555.94 2,414.39
Bill discounting 6.46 86.84 554.19
- From others
Bill discounting - 18.01 185.79
Unsecured
- From banks
Unsecured loans from banks 350.00 - 350.00
- From others
Unsecured loans from others - 207.53 505.00
Total 6,007.67 13,434.81 15,523.89

SECURITY DETAILS
(i) ECB Loan – International Finance Corporation (IFC) of US$ 60 million : ` 142.26 (PY US$ 60 million
equivalent to ` 718.51 )
 C '%$.QCPQH75OKNNKQPQH+(%
.QCP-G[0WODGT
 6JG'%$.QCPKUUGEWTGFD[GZENWUKXGƒTUV%JCTIGQXGTGPVKTGOQXCDNGRNCPVOCEJKPGT[CPFGSWKROGPVKPENWFKPICNN
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CV %JKVVQQT #PFJTC 2TCFGUJ CPF HWTVJGT UGEWTGF D[ YC[ QH GZENWUKXG ƒTUV TCPMKPI EJCTIG QXGT VJG NCPF CPF QVJGT
immovable properties together with all building and structure thereon and all other plant and machinery at both the
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Registrar of Companies, Maharashtra, Mumbai and registered .
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properties together with all building and structure thereon and all other plant and machinery at Company’s facilities
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 6JGCDQXG'%$NQCPJCUHWNN[DGGPHWNN[TGRCKFCPFƒNKPIQHOGOQTCPFWOQHEQORNGVGUCVKUHCEVKQPQHEJCTIGYKVJVJG
Registrar of Companies, Maharashtra, Mumbai is in process.
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.QCP-G[0WODGT
 'ZENWUKXGƒTUV%JCTIGQXGTGPVKTGOQXCDNGRNCPVOCEJKPGT[CPFGSWKROGPVKPENWFKPICNNVJGURCTGRCTVUCPFCNNQVJGT
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of the Company both present and future at Company’s facilities at Bambhori, Dist. Jalgaon, Maharashtra and further
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Company situated at Village Bambhori, Dist. Jalgaon in State of Maharashtra together with all buildings, structures
thereon and all plant and machinery attached to earth however excluding assets charged exclusively as mentioned in
these notes.
 6JGCDQXG'%$NQCP
.QCP-G[0WODGTKUCNUQRGTUQPCNN[IWCTCPVGGFD[VJTGG&KTGEVQTUKPENWFKPI/CPCIKPI
Director of the Company in their personal capacity.
 6JGCDQXG'%$NQCPJCUHWNN[DGGPHWNN[TGRCKFCPFƒNKPIQHOGOQTCPFWOQHEQORNGVGUCVKUHCEVKQPQHEJCTIGYKVJVJG
Registrar of Companies, Maharashtra, Mumbai is in process.
d) ECB Loan of US$ 15 million of IFC (Loan Key Number 2010019)
 'ZENWUKXGƒTUV%JCTIGQXGTURGEKƒEOQXCDNGRNCPVOCEJKPGT[CPFGSWKROGPVQHVJG%QORCP[CV%QORCP[ŦUHCEKNKVKGU
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deposit of title deeds of selected immovable properties of the Company situated at Village Bambhori, Dist. Jalgaon

243
 Jain Irrigation Systems Ltd.

Contd... Security Details (All amount in ` Million, unless otherwise stated)

in State of Maharashtra together with all buildings, structures thereon and all plant and machinery attached to earth
however, excluding assets charged exclusively as mentioned in these notes.
 6JGCDQXG'%$NQCP
.QCP-G[0WODGTKUCNUQRGTUQPCNN[IWCTCPVGGFD[VJTGG&KTGEVQTUKPENWFKPI/CPCIKPI
Director of the Company in their personal capacity.
(ii) ECB Loan – Senior Lenders of US$ 89 million : CY ` 4,156.43 (PY US$ 89 million equivalent to ` 5,307.71)
a) International Finance Corporation (IFC) of US$ 24.00 million : CY `  
2; 75  OKNNKQP GSWKXCNGPV VQ
`
.QCP-G[0Q
b) Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V (FMO) of US$ 17.00 million : CY `762.76

2;75OKNNKQPGSWKXCNGPVVQ`
.QCP-G[0Q
c) Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V (FMO) of US$ 3.00 million : CY `134.60

2;75OKNNKQPGSWKXCNGPVVQ` 173.33 ) (Loan Key No 201212212)
F 5QEKȩVȩ &G 2TQOQVKQP 'V &G 2CTVKEKRCVKQP 2QWT .C %QQRȩTCVKQP ȎEQPQOKSWG
2TQRCTEQ QH 75  OKNNKQP 
CY `
2;75OKNNKQPGSWKXCNGPVVQ` 1,021.22 ) (Loan Key No 201212202)
G 5QEKȩVȩ &G 2TQOQVKQP 'V &G 2CTVKEKRCVKQP 2QWT .C %QQRȩTCVKQP ȎEQPQOKSWG
2TQRCTEQ QH 75  OKNNKQP 
CY `
2;75OKNNKQPGSWKXCNGPVVQ` 180.21 ) (Loan Key No 201212213)
f) Deutsche Investitions-Und Entwicklungsgesellschaft mbH (DEG) of US$ 17.00 million : CY `757.81

2;75OKNNKQPGSWKXCNGPVVQ` 1,000.46 ) (Loan Key No 201212200)
g) Deutsche Investitions-Und Entwicklungsgesellschaft mbH (DEG) of US$ 8.00 million : CY `356.62

2;75OKNNKQPGSWKXCNGPVVQ` 470.80 ) (Loan Key No 201212214)
The charge ranks subservient to the charge created in favour of International Finance Corporation to secure its loan
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secured by way of subservient charge over the land and other immovable properties together with all building and
structure thereon and all other plant and machinery at the plants of the Company at Bhavnagar (Gujarat), Hyderabad

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/CJCTCUJVTC

The above ECB loan (Loan Key Number 201210122) is also personally guaranteed by three Directors including Managing
Director of the Company in their personal capacity.
The above ECB loans are further secured by way of exclusive charge by way of Registered Mortgage on the following
immovable properties of the Company:

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2T%J6CN&JCTCPICQP&KUV,CNICQP

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 ǾǾ)CV0QVQVCNCFOGCUWTKPI*4UKVWCVGFCV5JKTUQNK2$6CN&KUV,CNICQP

together with all existing and future buildings, erections, structures, godowns and construction of every kind and
description and together with all the trees, fences, hedges, ditches, ways, sewers, drains, waters, watercourses, liberties,
privileges, easements and appurtenances whatsoever to the said land, hereditaments and premises or any of them
or any part thereof whether presently in existence or in the future belonging to or in any way appurtenant thereto or
usually held, occupied or enjoyed therewith or expected to belong or be appurtenant thereto or usually held, occupied
or enjoyed therewith or expected to belong or be appurtenant thereto AND ALL the estate, right, title, interest property,
claims and demands whatsoever of the Company in, to and upon the same, which description shall include all property
of the above description whether presently in existence or constructed or acquired hereafter.

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released by Security Trustee i.e. IDBI Trusteeship Services Ltd on behalf of Senior Lenders.

(iii) a) Export Import Bank of India (EXIM): Term Loan: ` 894.16 (PY ` 619.20)
The loan together with interest, commitment charges, liquidated damages, costs expenses and all other monies payable
VQ':+/$CPMKUUGEWTGFD[CƒTUVEJCTIGQPVJGYJQNGQHOQXCDNGƒZGFCUUGVUQH%QORCP[DQVJRTGUGPVCPFHWVWTG
including its movable plant and machinery, equipments, appliances, furniture, vehicles, machinery spares and stores and
accessories whether or not installed and related movables in the course of transit or delivery whether now belonging or

244
Contd... Security Details (All amount in ` Million, unless otherwise stated)

which may hereafter belong to the Company or which may be held by any person at any place within or outside India to
the order or disposition of the Company and all documents of title including bills of lading, shipping documents, policies
QHKPUWTCPEGCPFQVJGTKPUVTWOGPVUCPFFQEWOGPVUTGNCVKPIVQUWEJOQXCDNGUVQIGVJGTYKVJDGPGƒVUQHCNNTKIJVUVJGTGVQ

The loan is further secured by way of mortgage by deposit of title deeds of selected lands measuring 35.02 Hectares
(86.53 Acres) situated at Takarkheda Shiver, Taluka Erandol, District Jalgaon in the state of Maharashtra together with
all buildings, structures thereon and all plant and machinery attached to earth.

 6JG NQCPU CTG HWTVJGT UGEWTGF D[ (KTUV EJCTIG TCPMKPI 2CTK2CUUW D[ YC[ QH GSWKVCDNG OQTVICIG D[ FGRQUKV QH VKVNG
deeds of selected immovable properties of the Company situated at Village Bambhori & Shirsoli, Dist. Jalgaon in State
of Maharashtra together with all buildings, structures thereon and all plant and machinery attached to earth however,
excluding the assets charged exclusively as mentioned in these notes.
b) Export Import Bank of India (EXIM): Term Loan: `
2;` Nil)
The loan together with interest, commitment charges, liquidated damages, costs expenses and all other monies
RC[CDNG VQ ':+/ $CPM KU UGEWTGF D[ C ƒTUV EJCTIG QP VJG YJQNG QH OQXCDNG ƒZGF CUUGVU QH %QORCP[ DQVJ RTGUGPV
and future, including its movable plant and machinery, equipments, appliances, furniture, vehicles, machinery spares
and stores and accessories whether or not installed and related movables in the course of transit or delivery whether
now belonging or which may hereafter belong to the Company or which may be held by any person at any place
within or outside India to the order or disposition of the Company and all documents of title including bills of lading,
shipping documents, policies of insurance and other instruments and documents relating to such movables together
YKVJDGPGƒVUQHCNNTKIJVUVJGTGVQ

(iv) Export Import Bank of India (EXIM): Foreign Currency Term Loan:
 +ORQTV(KPCPEG2TQITCOOG
75OKNNKQP` Nil
2;` 14.34 )
The facility i.e. Non-Fund based by issuance of Standby Letter of Credit (SBLC) is secured exclusively by way of
mortgage by deposit of title deeds of agricultural lands covered under Gat No. 17/1 and measuring 14H-18R situated at
Takarkheda Shiver, Taluka Erandol, District Jalgaon in the state of Maharashtra for due repayment and discharge by the
Company to Exim Bank of the said facility and reimbursement of payments, if any, that may need to be made by Exim
bank under or in respect of the SBLC(s) granted.

The above facility is also personally guaranteed by the Managing Director and Joint Managing Director of the Company
in their personal capacity.

 6JGCDQXGNQCPJCUHWNN[DGGPHWNN[TGRCKFCPFTGNGCUGCPFƒNKPIQHOGOQTCPFWOQHEQORNGVGUCVKUHCEVKQPQHEJCTIG
with the Registrar of Companies, Maharashtra, Mumbai is in process.

(v) Vehicle Loan: CY ` 35.39 (PY ` 30.48 )

 6JGNQCPKUUGEWTGFD[GZENWUKXGEJCTIGQPURGEKƒEXGJKENGUVQURGEKƒGFNGPFGTU

(vi) IDFC Ltd.: Term Loan: CY ` 294.74 (PY ` 413.64 )

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XGJKENGUGSWKROGPVUCNNQHƒEGGSWKROGPVCPFHWTPKVWTGCPFQVJGTOQXCDNGCUUGVURGTVCKPKPIVQRTQLGEVCPFDQQMFGDVU
receivables, commission, revenue of project.

The loan is further secured by First charge by way of equitable mortgage by deposits of title deeds of selected immovable
properties of the Company situated at Village Shirsoli, Dist. Jalgaon in State of Maharashtra together with all buildings,
structures thereon and all plant and machinery attached to earth however excluding the assets charged exclusively as
mentioned elsewhere.

The loan is also personally guaranteed by the Managing Director and three other Directors of the Company in their
personal capacity.

(vii) The South Indian Bank Ltd.: Term Loan: CY Nil (PY ` 249.83 )
 6JG6GTO.QCPKUUGEWTGFD[ƒTUVEJCTIGD[YC[QH'SWKVCDNGOQTVICIGQPVJGXCTKQWUKOOQXCDNGRTQRGTVKGUQHVJG
Company situated at Elayamuthoor villiage, Andiyagoundanoor village, West Komaralingam village, Udumalpet Taluk,
Tiruppur district, Tamilnadu

The loans as above are also personally guaranteed by the Managing Director of the Company in his personal capacity.
 6JGNQCPKUHWNN[TGRCKFCPFUCVKUHCEVKQPQHEJCTIGKUƒNGFTGIKUVGTGF

245
 Jain Irrigation Systems Ltd.

Contd... Security Details (All amount in ` Million, unless otherwise stated)

(viii) Corporate Loan/Term Loans: CY ` 0.50 (PY ` 2,952.01 )

 C +(%+.VF %QTRQTCVG.QCP %;0KN
2;`
 D +(%+.VF %QTRQTCVG.QCP %;0KN
2;`
c) Union Bank of India (UBI): Term Loan** CY `
2;`
 F ;GU$CPM.VF 6GTO.QCP %;0KN
2;` 542.52 )
The above Corporate Loans/Term Loans are secured by First charge by way of registered mortgage in favour of
Security Trustee i.e. IDBI Trusteeship Services Ltd on selected immovable properties of the Company situated at Village
$CODJQTK
2T%J6CN&JCTCPICQP&KUV,CNICQPCPF5JKTUQNK&KUV,CNICQPKP5VCVGQH/CJCTCUJVTC
together with all buildings, structures thereon and all plant and machinery attached to earth however excluding the
assets charged exclusively as mentioned elsewhere.
* The above Corporate Loans are also secured by exclusive charge by way of registered mortgage on the freehold lands
CFOGCUWTKPI  CETGU UKVWCVGF CV /CFCVJWMWNCO 6CNWM 6KTWRWT &KUVTKEV  2CNCPK 6CNWM &KPFKIWN &KUVTKEV PGCT
Coimbatore in Tamil Nadu, together with all buildings, structures, erections, etc. constructed and/or to be constructed
VJGTGQPDQVJRTGUGPVCPFHWVWTGCPFDGKPIN[KPICPFUKVWCVGFCV/CFCVJWMWNCO6CNWM6KTWRWT&KUVTKEV2CNCPK6CNWM
Dindigul District near Coimbatore in the state of Tamil Nadu and within the jurisdiction of Sub Registration District of
Udumalpet, and within the Registration District of Tirupur and Sub Registration District of Keeranur, and within the
4GIKUVTCVKQP&KUVTKEVQH2CNCPKKPVJG5VCVGQH6COKN0CFWDGNQPIKPIVQVJG%QORCP[
The above corporate Loans are also personally guaranteed by the Managing Director of the Company in his personal
capacity.
** The above Term loan of UBI is also personally guaranteed by four Directors including Managing Director of the Company in
their personal capacity.
*** The above Term Loan of Yes Bank Ltd is also personally guaranteed by the Managing Director of the Company in his personal
ECRCEKV[6JG.QCPKUHWNN[TGRCKFCPFUCVKUHCEVKQPQHEJCTIGKUƒNGFCPFTGIKUVGTGF
(ix) StarAgri Finance Ltd.: Term Loan: CY Nil (PY ` 250 )
 6JG6GTO.QCPKUUGEWTGFD[CƒTUVCPFGZENWUKXGEJCTIGQPVJGNCPFUVTWEVWTG
.CPFCFOGCUWTKPI*GEVCTGU
(40.747 Acres) along with structure thereon (both present and future) located at Gat No. 45 & 47, village Valkhed, Taluka-
Dindori, Dist Nashik, Maharashtra.
The loan is also personally guaranteed by the Managing Director of the Company in their personal capacity.
 6JGNQCPKUHWNN[TGRCKFCPFUCVKUHCEVKQPQHEJCTIGKUCNTGCF[ƒNGFCPFTGIKUVGTGF

(x) Working Capital Loans: (Including WCTL, Cash Credit, Export Packing Credit, FCTL & FCNRB, Bill
discounting): CY ` 5,657.67 (PY ` 13,209.27 )
Consortium of Banks (In Alphabetical order) led by State Bank of India, Corporate Accounts Group (CAG Branch),
Mumbai and D.N. Road Branch, Mumbai and sub limit with State Bank of India, Dana Bazar Branch, Jalgaon, Axis Bank
Ltd., Mumbai, Andhra Bank, Mumbai, Bank of Baroda, Mumbai, Canara Bank, Jalgaon, Export Import Bank of India,
/WODCK+&$+$CPM.VF,CNICQP2WPG+PFKCP$CPM/WODCK2WPLCD0CVKQPCN$CPM/WODCK4CDQ$CPM+PVGTPCVKQPCN
/WODCK5VCPFCTF%JCTVGTGF$CPM/WODCK5VCVG$CPMQH2CVKCNC/WODCK5[PFKECVG$CPM/WODCK7PKQP$CPMQH
India, Mumbai and Yes Bank Ltd., Mumbai
 6JGYQTMKPIECRKVCNNQCPUCTGUGEWTGFD[CƒTUVRCTKRCUUWEJCTIGETGCVGFKPHCXQWTQH5GEWTKV[6TWUVGGKG+&$+6TWUVGGUJKR
Services Ltd., Mumbai on behalf of (consortium members) on whole of company’s present and future stocks of raw
OCVGTKCNƒPKUJGFIQQFUUVQEMUKPRTQEGUUUVQTGUCPFURCTGUCPFQVJGTTCYOCVGTKCNUUVQTGFYJGVJGTTCYQTKPRTQEGUU
of manufacture and all articles manufactured there from brought into store or be in or around the Company’s godowns
or factory premises at Jalgaon or elsewhere, including goods in transit or delivery and the Company’s present and future
book debts, outstanding monies, receivable, claims, bills, contracts, engagements, securities, investments, rights and
assets of the Company.
The Working Capital Facilities as above are further secured by a second charge (First Charge in case of FCTL and
(%04$ TCPMKPI 2CTK2CUUW D[ YC[ QH GSWKVCDNG OQTVICIG ETGCVGF KP HCXQWT QH 5GEWTKV[6TWUVGG KG +&$+6TWUVGGUJKR
Services Ltd., Mumbai on behalf of consortium members by deposits of title deeds of selected immovable properties of
the Company situated at Village Bambhori & Shirsoli, Dist. Jalgaon in State of Maharashtra together with all buildings,
structures thereon and all plant and machinery attached to earth however, excluding assets charged exclusively as
mentioned in these notes. The whole of the movable properties of the Company (other than Current Assets) including
its movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future
save and except the moveable assets which are exclusively charged to the other lenders.

246
 (All amount in ` Million, unless otherwise stated)
The working capital loans are also secured by personal guarantee by the Managing Director and three other Directors of
the Company in their personal capacity.
Security 31-Mar-17 31-Mar-16 01-Apr-15
13(c) TRADE PAYABLES
Current
Total outstanding dues to Micro and Small Enterprises (Refer note 31) 224.16 107.18 30.01
Dues to subsidiaries 176.01 250.07 504.36
Total outstanding dues to others 8,229.21 7,491.94 10,623.41
Total 8,629.38 7,849.19 11,157.78
Trade payables to related parties are disclosed as part of note 37- Related
party transaction along with other related parties transaction.
13 (d) OTHER FINANCIAL LIABILITIES
Non-current
Derivative liabilities 359.22 203.05 395.22
Financial guarantees 499.66 32.95 35.26
Total 858.88 236.00 430.48
Current
Current maturities of non-current borrowings 4,995.49 2,754.88 2,049.98
(refer note 13(a))
Interest accrued but not due on borrowings 103.80 154.79 200.78
Derivative liabilities 68.08 3.09 4.63
Unpaid dividend ^ 10.82 10.06 9.13
Capital creditors (other than small enterprises 33.01 49.14 150.10
and medium enterprises)
Payable against slumpsale - - 436.39
Outstanding liability for expenses 234.35 214.82 178.25
Liabilities towards employee benefits 295.53 312.10 234.06
Security deposits 463.32 409.88 376.47
Overdrawn bank balances - 16.10 12.41
Total 6,204.40 3,924.86 3,652.20
^ There are no unpaid dividend which is required to be transferred to investors education protection fund

31-Mar-17 31-Mar-16 01-Apr-15

14) PROVISIONS
Non-current
Provision for employee benefits
(i) Provision for gratuity (funded) (refer note 26) 119.57 19.09 9.77
(ii) Provision for leave encashment (unfunded) (refer note 26) 95.58 57.58 64.49
Total 215.15 76.67 74.26
Current
Provision for employee benefits
(i) Provision for gratuity (funded) (refer note 26) 104.30 74.47 84.50
(ii) Provision for leave encashment (unfunded) (refer note 26) 13.07 5.46 6.36
Total 117.37 79.93 90.86

15) DEFERRED TAX LIABILITIES, NET

01-Apr-15 Recognised in Transfer 31-Mar-16
on
Profit or OCI Equity account of
loss slump sale *
(i) Movement in deferred tax liabilities for the year ended 31st March 2016
Property, plant and 7,109.27 (120.97) - - (1,043.24) 5,945.06
equipment
Prepaid share issue 16.10 (3.97) - - - 12.13
expenses
Impairment allowance for (376.04) (109.16) - - - (485.20)
trade receivables

247
 Jain Irrigation Systems Ltd.

Contd...15) Deferred Tax Liabilities (All amount in ` Million, unless otherwise stated)

01-Apr-15 Recognised in Transfer 31-Mar-16

on
Profit or OCI Equity account of
loss slump sale *
Fair valuation of biological 57.22 (4.50) - - - 52.72
assets
Fair valuation of Investments (100.30) 95.23 - - - (5.07)
and derivatives
Disallowance under section (54.87) (27.12) 2.49 - - (79.50)
43B of the IT Act, 1961
Compulsorily convertible - 2.40 - (64.46) - (62.06)
debentures **
Unabsorbed loss (1,125.00) 592.97 - - - (532.03)
MAT Credit (1,082.07) (23.46) - - - (1,105.53)
Others 94.33 (106.60) - - - (12.27)
Total 4,538.64 294.82 2.49 (64.46) (1,043.24) 3,728.25
* Transferred to JFFFL on account of slump sale (Refer note 34)
** Deferred tax asset in relation to equity component of compulsorily convertible debentures has been recorded with
corresponding effect to equity.
(ii) Movement in deferred tax liabilities for the year ended 31th March 2017
31-Mar-16 Recognised in 31-Mar-17
Profit or loss OCI Equity
Property, plant and equipment 5,945.06 (331.53) - - 5,613.53
Prepaid share issue expenses 12.13 (5.46) - - 6.67
Impairment allowance for trade
(485.20) 62.61 - - (422.59)
receivables
Fair valuation of biological
52.72 (56.06) - - (3.34)
assets
Fair valuation of Investments
(5.07) 146.45 - - 141.38
and derivatives
Disallowance under section
(79.50) (39.20) (36.74) - (155.43)
43B of the IT Act, 1961
Convertible debentures (62.06) 43.84 - - (18.22)
Unabsorbed loss (532.03) 590.28 - - 58.25
MAT Credit (1,105.53) (178.26) - - (1,283.79)
Others (12.27) (17.19) - - (29.46)
Total 3,728.25 215.48 (36.74) - 3,907.00

31-Mar-17 31-Mar-16 01-Apr-15

16) OTHER CURRENT LIABILITIES
Current
Advances from customers 966.76 247.24 1,046.36
Excise duty on year end finished goods 68.94 45.35 110.67
Statutory liabilities 477.88 330.33 310.25
Deferred income * 608.88 821.40 1,068.48
Total 2,122.46 1,444.32 2,535.76
* includes provision for sales return and grant towards capital goods
31-Mar-17 31-Mar-16
17) REVENUE FROM OPERATIONS
Revenue from sale of products (including excise duty)
- Domestic sales 38,693.95 40,750.34
- Export sales 3,275.86 8,811.08
Less: Sales return* (851.98) (988.24)
Less: Trade, other discounts and allowances# (4,893.13) (6,070.91)
36,224.70 42,502.27
* Includes export sales return of ` Nil (PY ` 37.83)
# Includes discount on export sales of ` 14.55 (PY ` 22.68)
Revenue from rendering services
- Domestic services 1,081.21 915.24
- Income in respect of incomplete projects (Refer note 35) 8.07 -

248
Contd...17) Revenue From Operations (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16
- Export services 79.30 0.03
Total 1,168.58 915.27
Other operating income
- Incentives and assistance (see note (i) below) 677.09 850.28
- Sale of Scrap 16.09 45.52
- Sundry balances appropriated 1.34 1.55
- Provisions no longer required written back 337.10 75.23
- Fair value changes of biological assets 161.98 (32.84)
- Income from other services 52.65 24.32
1,246.25 964.06
Total 38,639.53 44,381.60
(i) Detail of government grants: Government Grant are related to investment in Jalgaon,
Alwar and grant is in the form of exemption from electricity duty, stamp duty and to
receive an industrial promotional subsidy. Further it also includes savings in import duty
on procurement of capital goods and export incentives under MEIS scheme.

18) OTHER INCOME

Other non-operating income
Interest received on financial assets- carried at amortised cost 182.89 272.13
Dividend Income from non current equity instruments at FVTPL 0.01 0.01
Profit on sale of fixed assets (net) 7.09 4.24
Profit on sale of non-current investments (net) 42.36 0.14
Foreign exchange gain (net) 840.49 147.78
Fair valuation gain on equity and preference instruments measured at FVTPL 61.87 84.02
Fair valuation gain on mutual funds measured at FVTPL 0.93 0.57
Fair valuation gain on embedded derivatives - 123.98
Corporate guarantee commission 72.32 31.37
Total 1,207.96 664.24

19) COST OF MATERIAL CONSUMED

Raw materials (including packaging materials)
Inventory at the beginning of the year (excludes material in transit) 4,474.80 5,089.47
Add: Purchases 22,170.91 17,452.59
Less: Inventory at the end of the year (excludes material in transit) 2,704.65 4,474.80
Cost of raw materials consumed (A) 23,941.06 18,067.26
Cost of finished goods sold on slump sales (B) - 3,291.84
Cost of raw materials consumed (A+B) 23,941.06 21,359.10

20) CHANGE IN INVENTORIES OF FINISHED GOODS AND

WORK IN PROGRESS
Inventory at the end of the year
- Finished goods (excludes material in transit) 5,346.38 2,110.82
- Work-in-progress - -
5,346.38 2,110.82
Inventory at the beginning of the year
- Finished goods (excludes material in transit) 2,110.82 5,588.44
- Work-in-progress - -
2,110.82 5,588.44
“ Excise duty related to increase / (decrease) in inventory of finished goods” (23.58) (20.55)
Net increase/ (decrease) in inventories (3,211.98) 3,498.17

21) EMPLOYEE BENEFITS EXPENSE

Salaries, wages, bonus etc. 2,299.13 2,227.58
Contribution to provident and other funds (Refer note 26) 210.36 177.89
Gratuity expense (Refer note 26) 33.27 37.05
Staff welfare expenses 96.28 125.93
Total 2,639.04 2,568.45

249
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16
22)DEPRECIATION AND AMORTIZATION EXPENSE
Depreciation on property, plant and equipment 1,770.85 2,269.27
Amortisation of intangible assets 40.16 36.86
Depreciation on investment property 8.06 -
Capitalised during the year (Refer note 3[2]) (7.97) (13.03)
Total 1,811.10 2,293.10

23) OTHER EXPENSES

Consumption of stores, spares and consumables 395.02 464.42
Power and fuel 956.18 1,600.69
Project Site General & Installation Expenses 939.18 1,090.55
Rent (Refer note 33) 185.78 244.49
Repairs and maintenance
- Building 78.41 28.99
- Machinery 46.59 86.19
- Others 25.46 31.44
Freight outward 1,107.36 969.50
Processing charges 561.29 933.58
Export selling expenses 218.53 532.35
Auditor’s remuneration (Refer note 23(a)) 8.95 8.30
Legal, professional & consultancy fees 254.34 214.48
Travelling and conveyance expenses 376.36 374.96
Communication expenses 55.12 56.82
Commission and brokerage 213.00 160.99
Advertisement and sales promotion expenses 211.74 208.64
Cash discount 546.26 413.51
Irrecoverable claims 251.59 41.49
Provision for doubtful advances 169.02 244.52
Bad debts and bad advances 70.57 -
Provisions for bad & doubtful debts 65.47 224.21
Donation 25.95 2.37
Insurance 54.17 60.04
Rates and taxes 12.67 10.11
Director’s sitting fees 3.99 4.49
Commission to Directors 52.50 6.00
Corporate social responsibility expenditure (Refer note 23(b)) 11.31 6.73
Loss on fair valuation of embedded derivatives 120.88 -
Loss on fair valuation of derivatives 156.74 21.75
Miscellaneous expenses 501.87 427.95
Total 7,676.30 8,469.56
23(a) Auditors Remuneration
Payments to auditor - (exclusive of service tax)
As auditor
- Statutory audit # 5.20 6.20
- Tax audit 0.50 0.50
- Limited Review 1.20 1.20
In Other Capacity
Certification and other matter 2.05 0.40
Total 8.95 8.30
# including for Consolidated Financial Statement

23(b) Details of Corporate social responsibility expenditure

a) Gross amount required to be spent during the year ` 11.28 (P.Y. ` 8.19)

250
Contd...23) Other Expenses (All amount in ` Million, unless otherwise stated)

b) Amount spent during the year on:

Particulars In cash Yet to be Total
paid in cash
i) Construction/ acquisition of any asset - - -
ii) On purposes other than (i) above 11.31 - 11.31
Total 11.31 - 11.31

31-Mar-17 31-Mar-16
24)FINANCE COSTS
Interest expenses :
Interest on term loans 1,156.59 1,227.38
Interest on working capital loans 1,554.95 2,084.93
Interest on others 81.58 79.29
Other borrowing cost :
Discounting charges and interest 259.96 514.67
Bank commission and charges 370.01 379.22
Total 3,423.09 4,285.49

25)INCOME TAX
[a] Income tax expense is as follows:
Statement of Profit and Loss

Current tax:
Tax for the year 178.26 23.47
Total current tax expense 178.26 23.47

Deferred tax:
Deferred tax expenses 215.48 294.82
Total deferred tax expense 215.48 294.82

Income tax expense 393.74 318.29

Other comprehensive income
Deferred tax related to OCI items:
Net loss / (gain) on remeasurements of defined benefit plans 36.74 (2.49)
Total 36.74 (2.49)

[b] Reconciliation of tax expense and the accounting profit computed by applying the Income tax rate:
For the year ended as on
31-Mar-17 31-Mar-16
Profit before tax 2,031.76 929.77
Tax at the Indian tax rate of 34.608 % 35% 703.15 35% 321.77
(2015-16: 34.608%)
Tax effects on amounts which are not deductible
(taxable) in calculating taxable income:
Incremental deduction allowed for research and (5%) (109.83) -14% (131.93)
development cost
Tax exempt income 0% 0.00 0% -
Non-deductible expenses as per income tax 42% 855.02 16% 144.35
Impact on fair valuation of financial assets not (41%) (839.78) -2% (20.49)
taxable
Interest Expenses not deductible for tax purposes 0% 7.72 0% -
Impact of forex in relation to redemption of (18%) (373.25) 0% -
investments
considered as capital receipts
Others 7% 150.71 0% 4.59
Income tax expense 19% 393.74 34% 318.29
Above workings are based on provisional computation of tax expenses and subject to finalisation including that of tax audit
or otherwise in due course

251
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

26) EMPLOYEE BENEFIT OBLIGATIONS

26(a) Defined Contribution plans
Provident Fund: Contribution towards provident fund for employees is made to the regulatory authorities, where the
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does not carry any further obligations, apart from the contributions made on a monthly basis.

26(b) Defined Benefit plans

Gratuity: 6JG%QORCP[RTQXKFGUHQTITCVWKV[CFGƒPGFDGPGƒVRNCP
VJGũ)TCVWKV[2NCPŪEQXGTKPIGNKIKDNGGORNQ[GGUKP
CEEQTFCPEGYKVJVJG2C[OGPVQH)TCVWKV[#EV6JG)TCVWKV[2NCPRTQXKFGUCNWORUWORC[OGPVVQXGUVGFGORNQ[GGU
at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee’s
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method) at the end of each year. The fair value of the plan assets of the trust administered by the Company, is deducted
from the gross obligation.

(i) Movement of defined benefit obligation and plan assets

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as follows:
Present value Fair value of Net Amount
of obligation plan assets
As at 1-Apr-2015 247.44 (153.17) 94.27
Current service cost 29.54 - 29.54
Interest expenses (income) 19.70 (12.19) 7.51
Total amount recognised in Statement of Profit and Loss 49.24 (12.19) 37.05
Return on plan assets, excluding amount included in interest expenses
- 2.28 2.28
(income)
(Gain)/loss from change in demographic assumption - - -
(Gain)/loss from change in financial assumption (2.37) - (2.37)
Experience (gain)/ losses (7.10) - (7.10)
Total amount recognised in other comprehensive income (9.47) 2.28 (7.19)
Exchange Difference - - -
Employer contributions - - -
Benefit payments (12.95) - (12.95)
Transferred to JFFFL on slump sale (43.47) 25.85 (17.62)
As at 31-Mar-2016 230.79 (137.23) 93.56
As at 31-Mar-2016 230.79 (137.23) 93.56
Current service cost 25.71 - 25.71
Interest expenses (income) 18.65 (11.09) 7.56
Total amount recognised in Statement of Profit and Loss 44.36 (11.09) 33.27
Remeasurements
Return on plan assets, excluding amount included in interest expenses
(2.97) (2.97)
(income)
(Gain)/loss from change in demographic assumption -
(Gain)/loss from change in financial assumption 35.83 35.83
Experience (gain)/ losses 73.29 73.29
Total amount recognised in other comprehensive income 109.12 (2.97) 106.15
Employer contributions - - -
Benefit payments (9.11) - (9.11)
As at 31-Mar-2017 375.16 (151.29) 223.87
(ii) Net assets / liabilities
An analysis of net (deficit)/assets is provided below for the Company’s
principal defined benefit gratuity scheme.
## Plan 31-Mar-17 31-Mar-16 01-Apr-15
Present value of funded obligations 375.16 230.79 247.44
Fair value of plan assets # (151.29) (137.23) (153.17)
Deficit of gratuity plan 223.87 93.56 94.27
# Planned assets are with ICICI Prudential group gratuity plan in debt fund.

252
Contd...26) Employee Benefit Obligations (All amount in ` Million, unless otherwise stated)
(iii) Analysis of plan assets is as follows:
31-Mar-17 31-Mar-16 01-Apr-15
Insurer managed funds (%) 100% 100% 100%
Others (%) 0% 0% 0%
Total 100% 100% 100%

(iv) Actuarial assumptions and sensitivity analysis

31-Mar-17 31-Mar-16
Salary growth rate 7.00% p.a. for the next 5 years, 6.00% p.a. for the next 5 years,
4.00% p.a. thereafter, starting from 4.00% p.a. thereafter, starting from
the 6th year the 6th year
Discount rate 7.34% 8.08%
Expected rate of return on plan assets 7.34% 8.08%
Attrition rates 2.00% 2.00%
Mortality rate during employment Indian Assured Lives Indian Assured Lives
Mortality(2006-08) Mortality(2006-08)
Mortality rate after employment N.A N.A
Notes:
1) Discount rate: The discount rate is based on the prevailing market yields of Indian government securities for the
estimated term of the obligations.
2) Salary escalation rate: The estimates of future salary increases considered takes into account the inflation, seniority,
promotion and other relevant factors.
3) Assumptions regarding future mortality experience are set in accordance with the statistics published by the Life
Insurance Corporation of India.
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Impact on present
benefit obligation
31-Mar-17 31-Mar-16
Discount rate - Increase by 0.5% (15.80) (9.45)
Discount rate- Decrease by 0.5% 17.06 10.18
Salary growth rate - Increase by 0.5% 17.33 10.46
Salary growth rate- Decrease by 0.5% (16.16) (9.77)
Attrition rate - Increase by 0.5% 4.49 3.64
Attrition rate- Decrease by 0.5% (4.84) (3.90)

The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant.
In practice it is unlikely to occur, and changes in some of the assumptions may be correlated. The methods and types
of assumption used in preparing the sensitivity analysis did not change compared to previous period.
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levels are monitored annually . The company considers that the contribution rates set at the last valuation date are
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The expected maturity analysis of undiscounted gratuity is as follows:

Less than Between 1 Between 2 Between 5 Total

a year - 2 years - 5 years - 10 years
31-Mar-17
Defined benefit obligations (gratuity) 35.90 39.22 53.10 179.10 307.32
31-Mar-16
Defined benefit obligations (gratuity) 22.28 26.68 33.39 113.71 196.06
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C 'ORNQ[GTUEQPVTKDWVKQPVQ2TQXKFGPVHWPF%;`
2;` 50.07) deposited with concerned authority.
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2;` 70.67) deposited with concerned authority.
c) Employers contribution to Superannuation fund CY `
2;` 55.45) managed by a Trust.
d) Employers contribution to ESIC CY `
2;` 1.25)
e) Employers contribution to State Labour welfare fund CY `
2;` 0.45)
The net of provision for unfunded leave encashment liability up to March 2017 is `
2;` 63.04)

253
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

27) SHARE BASED PAYMENTS

(i) Details of the scheme - Employee Stock option plan
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Committee (formerly Compensation committee) of the Company has approved/ allotted following options to the
eligible employees including working & non-executive directors.
(ii) Set out below is a summary of options granted under the plan :
31-Mar-17 31-Mar-16
Average No. of Average No. of
exercise options exercise options
price per price per
share (INR) share
Opening balance 54.40 29,46,075 54.40 29,46,075
Granted during the year - - - -
Exercised during the year 54.40 (29,46,075) - -
Forfeited during the year - - - -
Closing balance - 54.40 29,46,075
Vested and exercisable - 29,46,075

(iii) Share option outstanding at the end of year has following expiry date and exercise price:
Grant Date Exercise Share Share Share Maximum
Price Options Options Options terms of
(INR) 31-Mar-17 31-Mar-16 1-Apr-15 options
27-Jan-07 54.40 - 1,41,950 1,41,950 7 years
04-Jun-07 54.40 - 2,75,375 2,75,375 7 years
14-Feb-08 54.40 - 28,750 28,750 7 years
27-Jun-08 54.40 - 25,00,000 25,00,000 7 years
- 29,46,075 29,46,075
All the employee stock options have been exercised during the year.

28) EARNING PER SHARE

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the Company by the weighted average of equity shares outstanding during the year.
31-Mar-17 31-Mar-16
(a) Basic earning per share
From continuing operation attributable to equity share holder 3.18 0.88
from discontinued operation - 0.44
Total basic earning per share 3.18 1.32
(b) Diluted earning per share
From continuing operation attributable to equity share holder 3.18 0.88
from discontinued operation - 0.44
Total Diluted earning per share 3.18 1.32
(c) Reconciliation of earning used in calculating EPS
Basic earning per share
Profit attributable to the equity share holders of the company used in calculating
1,638.02 611.48
basic earning per share
- from continuing operation 1,638.02 409.63
- from discontinued operation - 201.85
Diluted earning per share
Profit attributable to the equity share holders of the company used in calculating
earning per share
- from continuing operation 1,638.02 409.63
- from discontinued operation - 201.85
Profit attributable to the equity share holders of the company used in 1,638.02 611.48
calculating diluted earning per share

254
Contd...28) Earning Per Share (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16
(d) Weighted average number of shares used as denominator
Weighted average number of shares used as denominator in calculating basic
514.41 462.92
earning per share
Adjustment for calculation of diluted earning per share
Employee stock options - 0.14
Foreign currency convertible bonds (i) - -
Weighted average number of shares used as denominator in calculating
514.41 463.06
diluted earning per share
(i)
Foreign currency convertible bonds are anti dilutive and thus not considered in
calculating Dilutive Earning Per Share.

29) CONTINGENT LIABILITIES AND CONTINGENT ASSETS

- Contingent liabilities not provided for in respect of
31-Mar-17 31-Mar-16 01-Apr-15
i) Claims not acknowledged as debts in respect of:
Customs and excise duty [paid under protest ` 29.37 (PY ` 38.32)] 329.21 505.17 570.30
- Excise duty [paid under protest ` 12.95 (PY ` 21.90 )] 273.60 457.75 519.95
- Service Tax [paid under protest ` 16.42 (PY ` 16.42)] 55.61 47.42 50.35
Other taxes & levies [paid under protest ` 111.46 (PY ` 43.41)] 194.22 199.37 118.26
- Sales Tax,VAT,CST [paid under protest ` 93.87 (PY ` 25.82 )] 167.37 172.52 85.94
- Income Tax [paid under protest ` 17.59 (PY ` 17.59 )] 26.85 26.85 32.32
Others (legal case) 79.72 81.79 62.08
ii) Performance guarantees given by the Company’s 5,575.92 6,365.34 4,325.47
bankers in the normal course of business
iii) Export obligation towards duty saved amount under 15.34 32.90 78.79
EPCG scheme
iv) Corporate guarantees given for repayment of 13,841.72 3,221.35 3,916.76
indebtedness of associate/overseas subsidiaries
v) Corporate counter guarantee given for repayment of 324.19 663.33 938.86
indebtness of Kibbuz Naan Israel
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installment of US$ 5.00 million is payable in June, 2017. The balance obligation of US$ 5.00 million is guaranteed by
Exim Bank and is also counter guaranteed by the Company.
In respect of (i) above, the Company has taken necessary legal steps to protect its position in respect of these
claims, which, in its opinion, based on legal advice, are not expected to devolve. It is not possible to make any further
determination of the liabilities, which may arise, or the amounts, which may be refundable in respect of these claims.
In respect of (iv) above, it includes corporate guarantee issued by the Company on behalf of its wholly owned
subsidiary, Jain International Trading B.V., for issuance of note having bullet maturity value of US$ 200 million and
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31-Mar-17 31-Mar-16 01-Apr-15

30)COMMITMENTS
Capital expenditure contracted for at end of the year but not
recognised as liabilities is as follows
On account for acquisition of Property, plant and equipment 415.78 457.88 338.38

31)MICRO, SMALL AND MEDIUM ENTERPRISES

To the extent, the Company has received intimation from the
“suppliers” regarding their status under the Micro, Small and Medium
Enterprises Development Act, 2006, the details are provided as under:
Principal amount remaining unpaid at the end of the year 224.16 107.18 30.01
Interest due thereon 2.30 4.01 -
Interest remaining accrued and unpaid at the end of the year 6.31 4.01 -
Total Interest accrued and remained unpaid at year end - 4.01 -

255
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

32)RESEARCH AND DEVELOPMENT EXPENDITURE

Expenditure incurred on in-house research & development facility by
the Company:
Expenditure (charged out through the natural heads of the accounts) in
respect of eligible facilities
Revenue expenditure
Agri Park 108.09 74.43 98.82
Energy Park 17.91 22.48 24.38
Food Park - 18.26 32.81
Plastic Park 34.61 27.91 41.13
160.61 143.08 197.14
Capital expenditure
Agri Park 17.80 40.09 8.05
Energy Park 8.13 29.39 3.18
Food Park - 9.10 3.27
Plastic Park 4.24 1.91 1.88
30.17 80.49 16.38
TOTAL 190.78 223.57 213.52

33) LEASES
(i) Operating Lease
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following periods are as under:
Particulars 31-Mar-17 31-Mar-16 01-Apr-15
Not later than one year 42.60 35.33 27.53
Later than one year and not later than five years 2.27 1.17 5.23
Later than five years - - 0.19
The Company has enters into operating leases in respect of land, office premises, depots, guest house and others
which are cancellable by giving appropriate notices as per respective agreements. During the year ` 185.78 (PY `
244.09 ) has been debited to Statement of Profit and Loss.
(ii) Finance Lease
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31-Mar-17 31-Mar-16 01-Apr-15
Particulars Future Present Future Present Future Present
Minimum Value of Minimum Value of Minimum Value of
Lease MLP Lease MLP Lease MLP
Payment Payment Payment
Not later than one year 13.70 11.01 13.47 11.36 16.07 14.42
Later than one year and not later 28.57 24.38 23.06 19.12 19.22 17.49
than five years
Later than five years - - - - - -
Total Minimum lease payments 42.27 35.39 36.53 30.48 35.29 31.91
Less: Amounts representing (6.88) - (6.05) - (3.38) -
finance charges.
Present value of minimum lease 35.39 35.39 30.48 30.48 31.91 31.91
payments

256
 (All amount in ` Million, unless otherwise stated)

34) DISCONTINUED OPERATION

Based on the approval of the Board of Directors of the Company dated August 24, 2015, and Shareholders’ approval
D[YC[QHRQUVCNDCNNQVCPFRWTUWCPVVJG$WUKPGUU6TCPUHGT#ITGGOGPVFCVGF(GDTWCT[QTCP[UWRRNGOGPV
QTOQFKƒECVKQPVJGTGVQ,CKP+TTKICVKQP5[UVGOU.VFJCUUQNFVJG+PFKCP(QQF$WUKPGUUVQ,CKP(CTO(TGUJ(QQFU.VF
YKVJGHHGEVHTQOENQUGQHDWUKPGUUJQWTUQP/CTEJQPUNWORUCNGDCUKUCUCIQKPIEQPEGTP2WTUWCPVVQ
the slump sale, the entire assets (whether movable or immovable, real or personal, corporeal or incorporeal, tangible
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liabilities of the Indian Food Business located in India are sold to Jain Farm Fresh Foods Ltd. assets and liabilities
transferred pursuant to slump sale are as under:
Particulars Amount
Fixed Assets (including capital work in progress) 8,357.88
Other Current Assets 5,368.77
Other Current Liabilities 2,978.19
Deferred tax liabilities 1,043.24
The results of the Indian Food Business / Undertaking, being the discontinued operations is disclosed below:
Particulars 31-Mar-16 31-Mar-16
Discontinuing Continuing
1. Total Income 8,558.77 36,487.07
2. Operating Expenses 7,487.58 32,343.00
3. Pre-tax profit from operating activities 1,071.19 4,144.07
4. Interest expense 800.99 3,484.50
5. Profit before tax 270.20 659.57
6. Tax 68.35 249.94
7. Net profit after tax 201.85 409.63
8. Assets - 84,516.71
9. Liabilities - 42,898.74
The net cash flows attributable to discontinuing operations are stated below:
Particulars 31-Mar-16
Operating activities 3,335.97
Investing activities (161.69)
Financing activities (4,112.35)
Net cash inflows / (outflows) (938.07)

35)DISCLOSURE PURSUANT to IND AS - 11 “Construction contracts”

Particulars 31-Mar-17 31-Mar-16
Contract revenue recognised for the financial year 4,012.87 4,391.36
Aggregate of contract costs incurred and recognised profit (less recognised losses) 1,219.91 -
upto the
reporting date for contracts in progress
Advances received for contracts in progress - -
Retention money for contracts in progress 33.62 -
Gross amount due from customers for contract work (asset) 4,243.05 4,345.50
Gross amount due to customers for contract work (liability) - -

36)FAIR VALUE MEASUREMENTS

36(a) ACCOUNTING CLASSIFICATION AND FAIR VALUES
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approximates fair value.

257
 Jain Irrigation Systems Ltd.

Contd...36) Fair Value Measurement (All amount in ` Million, unless otherwise stated)

Carrying amount Fair value

FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total
Cost
31-MAR-17
Financial Assets
(i) Non-Current
Investments
Investment in equity 0.17 - - 0.17 0.17 - - 0.17
instruments (quoted) (fully
paid-up)
Investment in equity - 0.05 - 0.05 0.05 0.05
instruments (unquoted)
(fully paid-up)
National saving 0.01 - - 0.01 - 0.01 - 0.01
certificates
Investment in mutual
funds (quoted)
Investment in Non- - 10.00 10.00 10.00 - - 10.00
convertible bonds and
debentures (quoted)
Investment in mutual 12.00 - 12.00 12.00 - - 12.00
funds (quoted)
Loans
Security deposits
- To others - - - - - -
Other financial assets
- Derivative assets 8.20 - - 8.20 - 8.20 - 8.20
- Share application - 17.50 - 17.50 -
money
Security deposits - 1,060.78 1,060.78
20.38 1,088.33 - 1,108.71 22.17 8.26 - 30.43
(ii) Current
Trade receivables - 15,351.28 - 15,351.28 - - - -
Cash and Bank - 1,680.82 - 1,680.82 - - - -
Loans
Loans to Employees - 137.50 - 137.50 - - - -
Loans to related parties - 24.82 - 24.82 - - - -
Other financial assets
- Current portion of loans - 12.38 - 12.38 - - - -
to related parties
- Derivative assets 10.57 - - 10.57 - 10.57 - 10.57
- Interest receivable - 23.42 - 23.42 - - - -
Security deposits
- To others - 34.99 - 34.99
- To related parties - 449.49 - 449.49
10.57 17,714.70 - 17,725.27 - 10.57 - 10.57
Total 30.95 18,803.03 - 18,833.98 22.17 18.83 - 41.00
Financial Liabilities
(i) Non-Current
Borrowings - 5,262.88 - 5,262.88 - 5,262.88 - 5,262.88
Other financial liabilities
- Derivative liabilities 359.22 - - 359.22 - 359.22 - 359.22
- Financial guarantees - 499.66 - 499.66 - 499.66 - 499.66
359.22 5,762.54 - 6,121.76 - 6,121.76 - 6,121.76
(ii) Current
Borrowings - 6,007.67 - 6,007.67 - 6,007.67 - 6,007.67
Trade payables - 8,629.38 - 8,629.38 - - - -

258
Contd...36) Fair Value Measurement (All amount in ` Million, unless otherwise stated)

Carrying amount Fair value

FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total
Cost
Other financial liabilities
- Derivative liabilities 68.08 - - 68.08 - 68.08 - 68.08
- Current maturities of - 4,995.49 - 4,995.49 - 4,995.49 - 4,995.49
non-current borrowings
- Interest accrued but not - 103.80 - 103.80 - 103.80 - 103.80
due on borrowings
- Unpaid dividend - 10.82 - 10.82 - - - -
- Capital creditors - 33.01 - 33.01 - - - -
- Outstanding liability for - 234.35 - 234.35 - - - -
expenses
- Liabilities towards - 295.53 - 295.53 - - - -
employee benefits
- Security deposits - 463.32 - 463.32 - - - -
68.08 20,773.37 - 20,841.45 - 11,175.04 - 11,175.04
Total 427.30 26,535.91 - 26,963.21 - 17,296.80 - 17,296.80

01-MAR- 2016
Financial Assets
(i) Non-Current
Investments
Investment in equity 0.24 - - 0.24 0.24 - - 0.24
instruments (quoted)
Investment in equity - 0.05 - 0.05 - 0.05 - 0.05
instruments (un quoted)
Investment in preference 696.06 - - 696.06 - - 696.06 696.06
shares of subsidiaries
(unquoted)
National saving 0.01 - - 0.01 - 0.01 - 0.01
certificates
Investment in Non- - 15.00 - 15.00 15.00 - 15.00
convertible bonds and
debentures (quoted)
Investment in mutual 13.06 - - 13.06 13.06 - - 13.06
funds (quoted)
Loans
Loans to subsidiaries - 757.19 - 757.19 - - - -

Other Financial Asset

- Derivative assets 41.24 - - 41.24 - 41.24 - 41.24
- Deposits with maturity - 24.32 - 24.32 - - - -
of more than 12 months
- Share application - 37.50 - 37.50 - - - -
money
Security deposits - 1,089.45 - 1,089.45 - - - -
750.61 1,923.51 - 2,674.12 28.30 41.30 696.06 765.66
(ii) Current
Trade receivables - 17,986.09 - 17,986.09 - - - -
Cash and Bank - 1,321.55 - 1,321.55 - - - -
Loans
Security deposits - - - - - - - -
Loans to Employees - 138.51 - 138.51 - - - -
Loans to related parties - 64.07 - 64.07 - - - -
Other Financial Asset
- Current portion of loans - 1,341.10 - 1,341.10 - - - -
to related parties
- Derivative assets 28.38 - - 28.38 - 28.38 - 28.38
- Interest receivable - 5.17 - 5.17 - - - -

259
 Jain Irrigation Systems Ltd.

Contd...36) Fair Value Measurement (All amount in ` Million, unless otherwise stated)

Carrying amount Fair value

FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total
Cost
- Receivable against - 1,263.05 - 1,263.05 - - - -
slump sale
Security deposits
- To others - 33.91 - 33.91 - - - -
- To related parties - 497.31 - 497.31 - - - -
28.38 22,650.76 - 22,679.14 - 28.38 - 28.38
Total 778.99 24,574.27 - 25,353.26 28.30 69.68 696.06 794.04

Financial Liabilities
(i) Non-Current
Borrowing - 12,124.71 - 12,124.71 - 12,124.71 - 12,124.71
Other financial liabilities
- Derivative liabilities 203.05 - - 203.05 - 203.05 - 203.05
- Financial guarantees - 32.95 - 32.95 - 32.95 - 32.95
203.05 12,157.66 - 12,360.71 - 12,360.71 - 12,360.71
(ii) Current
Borrowings - 13,434.81 - 13,434.81 - 13,434.81 - 13,434.81
Trade payables - 7,849.19 - 7,849.19 - - - -
Other financial liabilities
- Derivative liabilities 3.09 - - 3.09 - 3.09 - 3.09
- Current maturities of
- 2,754.88 - 2,754.88 - 2,754.88 - 2,754.88
non-Current borrowings
- Interest accrued but not
- 154.79 - 154.79 - 154.79 - 154.79
due on borrowings
- Unpaid dividend - 10.06 - 10.06 - - - -
- Capital creditors - 49.14 - 49.14 - - - -
- Outstanding liability for
- 214.82 - 214.82 - - - -
expenses
- Liabilities towards
- 312.10 - 312.10 - - - -
employee benefits
- Security deposits - 409.88 - 409.88 - - - -
- Others - 16.10 - 16.10 - - - -
3.09 25,205.77 - 25,208.86 - 16,347.57 - 16,347.57
Total 206.14 37,363.43 - 37,569.57 - 28,708.28 - 28,708.28
01-APR-15
Financial Assets
(i) Non-Current
Investments
Investment in equity 0.24 - - 0.24 0.24 - - 0.24
instruments (quoted)
Investment in equity - 0.05 - 0.05 - 0.05 - 0.05
instruments (un quoted)
Investment in preference 612.05 - - 612.05 - - 612.05 612.05
shares of subsidiaries
(unquoted)
Investment in - -
government or trust
securities (unquoted)
National saving - 0.01 - 0.01 - 0.01 - 0.01
certificates
Investment in Non- - 15.00 - 15.00 15.00 - - 15.00
convertible bonds and
debentures (quoted)
Investment in mutual 10.09 - - 10.09 10.09 - - 10.09
funds (quoted)
Loans
Loans to related parties - 795.84 - 795.84 - - - -

260
Contd...36) Fair Value Measurement (All amount in ` Million, unless otherwise stated)

Carrying amount Fair value

FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total
Cost
Other Financial Asset
- Derivative assets 15.97 - - 15.97 - 15.97 - 15.97
- Deposits with maturity - 3.78 - 3.78 - - - -
of more than 12 months
- Share application 17.50 17.50 - - - -
money
Security deposits 994.06 994.06 - - - -
638.35 1,826.24 - 2,464.59 25.33 16.03 612.05 653.41
(ii) Current
Trade receivables - 17,183.69 - 17,183.69 - - - -
Cash and Bank - 2,253.21 - 2,253.21 - - - -
Loans
Loans to Employees - 169.32 - 169.32 - - - -
Loans to related parties - 60.17 - 60.17 - - - -
Other Financial Asset
- Current portion of loans - 1,091.21 - 1,091.21 - - - -
to related parties
- Derivative assets 145.13 - - 145.13 - 145.13 - 145.13
- Interest receivable - 6.99 - 6.99 - - - -
Security deposits
- To others - 34.33 - 34.33 - - - -
- To related parties - 545.14 - 545.14 - - - -
145.13 21,344.06 - 21,489.19 - 145.13 - 145.13
Total 783.48 23,170.30 - 23,953.78 25.33 161.16 612.05 798.54
Financial liabilities
(i) Non-Current
Borrowing - 13,622.90 - 13,622.90 - 13,622.90 - 13,622.90
Other financial liabilities
- Derivative liabilities 395.22 - - 395.22 - 395.22 - 395.22
- Financial guarantees - 35.26 - 35.26 - - - -
395.22 13,658.16 - 14,053.38 - 14,018.12 - 14,018.12
(ii) Current
Borrowings - 15,523.89 - 15,523.89 - 15,523.89 - 15,523.89
Trade payables - 11,157.78 - 11,157.78 - - - -
Other financial liabilities
- Derivative liabilities 4.63 - - 4.63 - 4.63 - 4.63
- Current maturities of - 2,049.98 - 2,049.98 - 2,049.98 - 2,049.98
non-Current borrowings
- Interest accrued but not - 200.78 - 200.78 - 200.78 - 200.78
due on borrowings
- Unpaid dividend - 9.13 - 9.13 - - - -
- Capital creditors - 150.10 - 150.10 - - - -
- Payable against Slump - 436.39 - 436.39 - - - -
sale
- Outstanding liability for - 178.25 - 178.25
expenses
- Liabilities towards - 234.06 - 234.06 - - - -
employee benefits
- Security deposits - 376.47 - 376.47 - - - -
- Others - 12.41 - 12.41 - - - -
4.63 30,329.24 - 30,333.87 - 17,779.28 - 17,779.28
Total 399.85 43,987.40 - 44,387.25 - 31,797.40 - 31,797.40
There are no other categories of financial instruments othre than those mentioned above.

261
 Jain Irrigation Systems Ltd.

Contd...36) Fair Value Measurement (All amount in ` Million, unless otherwise stated)
36(b) FAIR VALUE HEIRARCHY
Fair value is the amount for which an asset could be exchanged, or a liability settled between knowledgeable willing
parties in an arm’s length transaction. The Company has made certain judgements and estimates in determining the fair
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follows:
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instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments and bonds
which are traded in stock exchanges is valued using the closing price as at the reporting period. The mutual funds are
valued using the closing NAV.
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counter derivatives) is determined using valuation techniques which maximise the use of observable market data and
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level 3 heirarchy.

36(c) VALUATION TECHNIQUE USED TO DETERMINE FAIR VALUE

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- the use of quoted market prices or dealer quotes for similar instruments.
- the fair value of forward foreign exchange contracts and principal swap is determined using forward exchange rate at
the balance sheet date.
- the fair value of embedded option contracts is determined using the Black Scholes valuation model or such other
acceptable valuation methodology
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acceptable valuation methodology.

All of the resulting fair value estimates are included in level 2 except for redeemable preference shares , where the fair
values have been determined based on the present values and the discount rates used were adjusted for counterparty
or own credit risk.
36(d) FAIR VALUE MEASUREMENT USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
The following table presents the changes in level 3 items for the periods ended 31-Mar-17 and 31-Mar-16:
Preference shares
As at 1 April 2015 612.05
Gain / (loss) recognised in the profit or loss 84.01
Gain / (loss) recognised in the other comprehensive income
As at 31 March 2016 696.06
Acquisitions
Redemption (790.75)
Gain / (loss) recognised in the Statement of Profit and Loss 94.69
As at 31 March 2017 -
Unrealised gains / (losses) recognised in profit and loss related to assets and liabilities held at the
end of the reporting period
31 March 2017 Nil
31 March 2016 84.01

36(e)VALUATION INPUTS AND RELATIONSHIP TO FAIR VALUE (LEVEL 3)

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fair value measurements. See note 36(c) above for the valuation techniques adopted.
Particulars Fair value as at Significant Probability weighted range Sensitivity
unobservable analysis
inputs
31-Mar-17 31-Mar-16 01-Apr-15 31-Mar-17 31-Mar-16 01-Apr-15
Preference - 696.06 612.05 Risk adjusted 8.50% 8.00% See note (i)
shares discounted rate below

262
Contd...36) Fair Value Measurement (All amount in ` Million, unless otherwise stated)
(i) Sensitivity analysis for fair valuation of preference shares:
Particulars Fair value as at
31-Mar-17 31-Mar-16 01-Apr-15
+ 25 basis points - (0.03) (0.06)
- 25 basis points - 0.04 0.05

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issue.

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Company. The fair value is arrived based on discounting the redemption value by a risk adjusted discounting rate. The
risk adjusted discounting rate is taken after considering the following factors:
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36(f) VALUATION PROCESS
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valuation adjustments.
- Discounts rates are determined using the a capital assets pricing model to calculate a pre tax that reflects current
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 4KUMCFLWUVOGPVUURGEKƒEVQVJGEQWPVGTRCTVKGU
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credit risk grading determined by the Company’s internal credit risk management teams.
Changes in level 2 and level 3 fair values are analyzed at the end of each reporting period during the quarterly
valuations to understand the reasons for fair value movements.

37) RELATED PARTY TRANSACTIONS

A) Related parties and their relations
1) Subsidiary Companies – First Level
Name of Party Relation
JISL Overseas Ltd., Mauritius Subsidiary of Jain Irrigation Systems Ltd.
Jain International Trading BV, Netherlands Subsidiary of Jain Irrigation Systems Ltd.
Jain Processed Foods Trading and Investment Pvt. Ltd., Jalgaon Subsidiary of Jain Irrigation Systems Ltd.
Jain Farm Fresh Foods Limited, Jalgaon Subsidiary of Jain Irrigation Systems Ltd.
2) Fellow Subsidiary Companies – Second/Multi Level
Name of Party Relation
Jain America Foods, Inc. (Formerly Jain (Americas) Inc. USA Subsidiary of Jain International Foods Ltd.
Jain America Holdings, Inc (Formerly Jain (Americas) Inc. USA Subsidiary of JISL Overseas Ltd., Mauritius
Jain (Europe) Ltd., UK Subsidiary of JISL Overseas Ltd., Mauritius
Jain Overseas B.V. , Netherland WOS of Jain International Trading BV
Cascade Specialties Inc, USA Jain America Foods Inc., USA
Jain Irrigation Holding, Inc, USA (Formerly Jain (Americas) Inc. USA)
Jain Irrigation Inc, Delaware WOS of Jain America Holdings, Inc, Delaware
Point Source Irrigation Inc, USA
WOS of Jain Irrigation Inc, Delaware
Jain Agricultural Services LLC, USA
JISL Global SA , Switzerland
WOS of Jain Overseas B V, Netherland
Jain (Israel) BV, Netherland
JISL Systems SA , Switzerland WOS of JISL Global SA, Switzerland
Naandan Jain Irrigation Ltd., Israel Subsidiary of Jain (Israel) BV, Netherland
Gavish Control Systems Ltd., Israel WOS of Jain (Israel) BV, Netherland
The Machines Yvonand S.A., Switzerland WOS of JISL Systems SA, Switzerland
Pro Tool AG, Switzerland Subsidiary of The Machine Yvonand S.A.
Switzerland

263
 Jain Irrigation Systems Ltd.

Contd...37) Related party transactions (All amount in ` Million, unless otherwise stated)

Name of Party Relation

Naan Dan Agro-Pro Ltd., Israel Subsidiary of Naandan Jain Irrigation Ltd.
NaanDan Jain France Sarl, France
NaanDan Jain Australia Pty Ltd., Australia
NaanDan Do Brasil Participacoes Ltd. Brazil
NaanDan Jain Industria E Comercio De Equipmentos Ltd., Brasil
NaanDan Jain Mexico, S.A. De C.V. Mexico
NaanDan Jain S.R.L.,Italy
NaanDan Jain Iberica S.C., Spain
NaanDan Jain Peru S.A. C, Peru
Naan Dan Jain Irrigation Projects S.R.L., Romania
Jain Sulama Sistemleri Sanayi Ve Ticaret Anonim Sirkti, Turkey
Dansystems S.A., Chile Joint Venture of Naandan Jain Irrigation Ltd.
Jain International Foods Ltd. WOS of Jain Farm Fresh Foods Ltd.
(Formerly SQF 2009 Ltd.)
Sleaford Food Group Ltd., UK Wholly Owned Subsidiary of Jain International
Sleaford Quality Foods Ltd., UK Foods Ltd (Formerly SQF 2009 Ltd.)

Arnolds Quick Dried Foods Ltd., UK Wholly Owned Subsidiary of Jain International
Foods Ltd (Formerly SQF 2009 Ltd.)
Ex-cel Plastics Ltd., Ireland WOS of Jain (Europe) Ltd., UK
Driptech India Pvt. Ltd., Jalgaon Subsidiary of Jain Processed Foods Trading and
Investment Pvt. Ltd.
JIIO, California WOS of Jain Irrigation Holdings, Inc., Delaware
Jain Distribution Holdings, Inc. Subsidiary of Jain America Holdings, Inc.
White Oak Frozen Foods, USA Subsidiary of Cascade Specialties Inc, USA
Jain Agricultural Services Australia Pty. Ltd., Australia Subsidiary of Jain Agricultural Services LLC, USA
Excel Plastic Piping Systems Ltd., France Subsidiary of Jain (Europe) Ltd., UK
3) Companies/Firms in which Directors, Relatives of Directors are Directors/Partners
a) Domestic Companies

Name of Company
Atlaz Technology Pvt. Ltd.
Labh Subh Securities International Ltd.
Jain Vanguard Polybutylene Ltd.
JAF Products Pvt. Ltd.
Jain Brothers Industries Pvt. Ltd.
Pixel Point Pvt. Ltd.
Jain Extrusion & Moulding Pvt. Ltd.
Cosmos Investment & Trading Pvt. Ltd.
Jain Eagro.Com India Pvt. Ltd.
Jalgaon Investments Pvt. Ltd.
Stock & Securities India Pvt. Ltd.
Jain Rotfil Heaters Pvt. Ltd.
Timbron India Pvt. Ltd.
Gandhi Research Foundation (section 8 Company)
Kantabai Bhavarlal Jain Family Knowledge Institute (Section 8 Company)
Aadhunik Hi-Tech Agriculture Pvt. Ltd.
Partnership Firms
Name of Company
Jain Computer & Allied Services, Jalgaon
Jalgaon Udyog , Jalgaon
Jalgaon Metal & Bricks Manufacturing Co, Jalgaon

264
Contd...37) Related party transactions (All amount in ` Million, unless otherwise stated)

Proprietorship Concerns
Name of Company
PVC Trading House, Jalgaon
Drip & Pipe Suppliers, Jalgaon
Plastic Enterprises, Jalgaon
Jain Sons & Investment Corporation, Jalgaon
Trust / Section 8 Companies
Name of Company
Anubhuti Scholarship Foundation, Jalgaon
Bhavarlal and Kantabai Jain Multipurpose Foundation, Jalgaon
Trust Entities
Name of Company
Jain Family Holding Trust, Jalgaon
Jain Family Investment Trust, Jalgaon
Jain Family Enterprises Trust, Jalgaon
Jain Family Investment Management Trust, Jalgaon
Jain Family Trust, Jalgaon

Foreign companies
Name of Company
Jain investments & Finance B.V., Netherlands
Jain Overseas Investment Ltd., Mauritius

4) Key Management Personnel

Name Designation
Shri. Ashok Bhavarlal Jain Chairman
Shri. Anil Bhavarlal Jain Vice Chairman & Managing Director
Shri. Ajit Bhavarlal Jain Joint Managing Director
Shri. Atul Bhavarlal Jain Joint Managing Director
Shri. R. Swaminathan Executive Director
Shri. Manoj L. Lodha Chief Finance Officer
Shri. Avdhut V. Ghodgaonkar Company Secretary

5) Relatives of Key Management Personnel

Smt. Jyoti Ashok Jain Wife of Ashok B Jain
Smt. Nisha Anil Jain Wife of Anil B. Jain
Smt. Shobhana Ajit Jain Wife of Ajit B. Jain
Smt. Bhavana Atul Jain Wife of Atul B Jain
Shri. Athang Anil Jain Son of Anil B. Jain

6) Associate Company
Sustainable Ago-Commercial Finance Ltd., Mumbai

B) Summary of Related Party Transactions

Sr. Transactions [1] [2] [3] [4] [5] [6] Total
1 Purchase of Goods 57.47 130.93 0.85 - - - 189.25
- (239.13) - - - - (239.13)
Naandan Jain Irrigation Ltd., Israel - 77.86 - - - - 77.86
- (144.61) - - - - (144.61)
The Machine S.A., Switzerland - 8.68 - - - - 8.68
- (8.42) - - - - (8.42)

265
 Jain Irrigation Systems Ltd.

Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. Transactions [1] [2] [3] [4] [5] [6] Total

Jain Sulama Sistemleri Sanayi - 2.38 - - - - 2.38
VeTicaret Anonim Sirkti, Turkey - (12.27) - - - - (12.27)
NaanDan Jain S.R.L.,Italy - 5.48 - - - - 5.48
- - - - - - -
Jain ( Europe ) Ltd., UK - - - - - - -
- (3.12) - - - - (3.12)
NaanDanJain Australia Pty Ltd., - 0.02 - - - - 0.02
Australia - - - - - - -
Protool A.G., Switzerland - 1.93 - - - - 1.93
- (0.47) - - - - (0.47)
NaanDan Jain Iberica S.C., Spain - 0.26 - - - - 0.26
- (0.35) - - - - (0.35)
Jain America Holdings Inc, USA - 10.57 - - - - 10.57
- (0.99) - - - - (0.99)
Jain Irrigation Inc, USA - 9.13 - - - - 9.13
- (59.61) - - - - (59.61)
Ex-cel Plastic, Ireland - 4.75 - - - - 4.75
- (3.62) - - - - (3.62)
Gavish Control Systems Ltd., Israel - 9.87 - - - - 9.87
- (5.67) - - - - (5.67)
Jain Farm Fresh Foods Ltd. 57.47 - - - - - 57.47
- - - - - - -
Gandhi Research Foundation - - 0.75 - - - 0.75
- - - - - - -
Bhavarlal and Kantabai Jain - - 0.10 - - - 0.10
Multipurpose Foundation - - - - - - -

2 Other expenditure - 5.04 - - - 35.10 40.14

- (41.10) - - - (35.10) (76.20)
Jain ( Europe ) Ltd., UK - - - - - - -
- (7.08) - - - - (7.08)
Naandan Jain Irrigation Ltd., Israel - 5.04 - - - - 5.04
- (21.96) - - - - (21.96)
NaanDan Jain Mexico, S.A. De C.V., - - - - - - -
Mexico - (12.06) - - - - (12.06)
Sustainable Agro-Commercial - - - - - 35.10 35.10
Finance Ltd. - - - - - (35.10) (35.10)
3 Purchase of Capital Goods - 21.32 - - - - 21.32
- (36.77) - - - - (36.77)
Naandan Jain Irrigation Ltd., Israel - 21.32 - - - - 21.32
- (36.77) - - - - (36.77)

4 Commission Income 9.37 11.63 - - - - 21.00

- - - - - - -
Jain International Trading B.V., 9.37 - - - - - 9.37
Netherlands - - - - - - -
Jain (Israel) B.V., Netherlands - 11.63 - - - - 11.63
- - - - - - -

5 Sale of Goods 137.55 2,317.22 24.41 - - 0.22 2,479.40

(1.31) (5,214.71) (3.91) - - (2.91) (5,222.84)
Jain ( Europe ) Ltd., UK - 192.95 - - - - 192.95
- (2,117.40) - - - - (2,117.40)
Jain Americas Food Inc, USA - - - - - - -
- (59.10) - - - - (59.10)
SQF 2009 Ltd., UK - - - - - - -
- (648.17) - - - - (648.17)

266
Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. Transactions [1] [2] [3] [4] [5] [6] Total

Jain Sulama Sistemleri Sanayi - 158.29 - - - - 158.29
VeTicaret Anonim Sirkti, Turkey. - (223.51) - - - - (223.51)
Naandan Jain Irrigation Ltd., Israel - 303.78 - - - - 303.78
- (294.32) - - - - (294.32)
NaanDan Jain Mexico, S.A. De C.V., - 246.60 - - - - 246.60
Mexico - (228.09) - - - - (228.09)
NaanDan Jain S.R.L.,Italy - 105.49 - - - - 105.49
- (85.83) - - - - (85.83)
NaanDan Jain France Sarl., France - 45.41 - - - - 45.41
- (44.46) - - - - (44.46)
NaanDan Jain Irrigation Projects - 25.44 - - - - 25.44
S.R.L., Romania - (50.70) - - - - (50.70)
NaanDan Jain Iberica S.C., Spain - 116.18 - - - - 116.18
- (18.19) - - - - (18.19)
NaanDan Jain Industria E Comercio - 11.73 - - - - 11.73
de Equipmentos Ltd., Brazil - (4.39) - - - - (4.39)
NaanDan Jain Australia Pty Ltd., - 17.16 - - - - 17.16
Australia - (3.03) - - - - (3.03)
NaanDan Jain Peru S.A.C., Peru - 6.14 - - - - 6.14
- (4.42) - - - - (4.42)
Ex-cel Plastic, Ireland - 3.39 - - - - 3.39
- (121.36) - - - - (121.36)
Protool A.G., Switzerland - 9.58 - - - - 9.58
- - - - - - -
Jain America Holdings Inc, USA - 645.95 - - - - 645.95
- (954.55) - - - - (954.55)
New Jain Irrigation Inc, USA - 332.64 - - - - 332.64
- (350.88) - - - - (350.88)
Driptech India Pvt. Ltd.,Jalgaon - 44.66 - - - - 44.66
- (6.31) - - - - (6.31)
Jain Farm Fresh Foods Ltd. 137.55 - - - - - 137.55
(1.31) - - - - - (1.31)
Gavish Control Systems Ltd., Israel - 2.15 - - - - 2.15
- - - - - - -
Ex-cel Plastic, France - 49.68 - - - - 49.68
- - - - - - -
Bhavarlal and Kantabai Jain - - 10.26 - - - 10.26
Multipurpose Foundation - - (1.58) - - - (1.58)
Gandhi Research Foundation - - 0.66 - - - 0.66
- - (2.33) - - - (2.33)
Sustainable Agro-Commercial - - - - - 0.22 0.22
Finance Ltd. - - - - - (2.91) (2.91)
Aadhunik Hi-Tech Agriculture Pvt. - - 13.49 - - - 13.49
Ltd. - - - - - - -

6 Sale of Capital Goods - 22.44 - - - - 22.44

- - - - - - -
Cascade Specialties Inc., USA - 22.44 - - - - 22.44
- - - - - - -

7 Sale of Services 222.78 - - - - - 222.78

(2.00) - - - - - (2.00)
Jain Farm Fresh Foods Ltd. 222.78 - - - - - 222.78
(2.00) - - - - - (2.00)

8 Rent Expenses - - 3.06 28.60 21.79 - 53.45

- - (3.05) (28.60) (21.79) - (53.44)

267
 Jain Irrigation Systems Ltd.

Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. Transactions [1] [2] [3] [4] [5] [6] Total

Shri. Ashok B. Jain - - - 6.87 - - 6.87
- - - (6.87) - - (6.87)
Shri. Ajit B. Jain - - - 17.00 - - 17.00
- - - (17.00) - - (17.00)
Shri. Atul B. Jain - - - 4.73 - - 4.73
- - - (4.73) - - (4.73)
Smt. Jyoti Ashok Jain - - - - 5.80 - 5.80
- - - - (5.80) - (5.80)
Smt. Nisha Anil Jain - - - - 14.13 - 14.13
- - - - (14.13) - (14.13)
Smt. Shobhana Ajit Jain - - - - 0.93 - 0.93
- - - - (0.93) - (0.93)
Smt. Bhavana Atul Jain - - - - 0.93 - 0.93
- - - - (0.93) - (0.93)
Drip & Pipe Suppliers - - 0.40 - - - 0.40
- - (0.40) - - - (0.40)
JAF Products Pvt. Ltd. - - 0.08 - - - 0.08
- - (0.08) - - - (0.08)
Jain Brothers Industries Pvt. Ltd. - - 2.47 - - - 2.47
- - (2.46) - - - (2.46)
Jain Computers & Allied Services - - 0.11 - - - 0.11
- - (0.11) - - - (0.11)

9 Donation - - 24.60 - - - 24.60

- - (1.23) - - - (1.23)
Bhavarlal and Kantabai Jain - - 3.60 - - - 3.60
Multipurpose Foundation - - (1.23) - - - (1.23)
Gandhi Research Foundation - - 21.00 - - - 21.00
- - - - - - -

10 Remuneration & Fees - - - 201.65 0.10 - 201.75

- - - (115.70) (0.60) - (116.30)
Shri. Ashok B. Jain - - - 44.99 - - 44.99
- - - (23.88) - - (23.88)
Shri. Anil B. Jain - - - 44.99 - - 44.99
- - - (24.03) - - (24.03)
Shri. Ajit B. Jain - - - 44.99 - - 44.99
- - - (23.88) - - (23.88)
Shri. Atul B. Jain - - - 44.99 - - 44.99
- - - (23.88) - - (23.88)
Shri. R. Swaminathan - - - 5.90 - - 5.90
- - - (6.20) - - (6.20)
Shri. Manoj Lodha - - - 9.60 - - 9.60
- - - (8.47) - - (8.47)
Shri. Avdhut V. Ghodgaonkar - - - 6.19 - - 6.19
- - - (5.36) - - (5.36)
Shri. Athang Anil jain - - - - 0.10 - 0.10
- - - - (0.60) - (0.60)

11 Loans & Other Advances Given 770.60 - - 2.00 - - 772.60

(68.44) - - (8.99) - - (77.43)
Jain International Trading B.V., 770.10 - - - - - 770.10
Netherlands - - - - - - -
Jain Farm Fresh Foods Ltd. - - - - - - -
(50.52) - - - - - (50.52)
Jain Processed Foods Trading & 0.50 - - - - - 0.50
Investments Pvt. Ltd. (17.92) - - - - - (17.92)

268
Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. Transactions [1] [2] [3] [4] [5] [6] Total

Shri. Manoj Lodha - - - 2.00 - - 2.00
- - - - - - -
Shri. Avdhut V. Ghodgaonkar - - - - - - -
- - - (8.99) - - (8.99)

12 Interest on Loans Given 99.77 0.17 - - - - 99.94

(91.95) (0.41) - - - - (92.36)
Jain Irrigation Inc., USA - 0.17 - - - - 0.17
- (0.41) - - - - (0.41)
Jain International Trading B.V., 98.44 - - - - - 98.44
Netherlands (91.75) - - - - - (91.75)
Jain Processed Foods Trading & 1.33 - - - - - 1.33
Investments Pvt. Ltd. (0.20) - - - - - (0.20)

13 Interest on Loans Taken - - - - - 19.04 19.04

- - - - - (5.51) (5.51)
Sustainable Agro-Commercial - - - - - 19.04 19.04
Finance Ltd. - - - - - (5.51) (5.51)

14 Loans & Advances Taken - - - - - 670.00 670.00

- - - - - (400.00) (400.00)
Sustainable Agro-Commercial - - - - - 670.00 670.00
Finance Ltd. - - - - - (400.00) (400.00)

15 Investment during the year 20.00 - - - - - 20.00

(3,894.09) (0.00) - - - - (3,894.09)
Jain Farm Fresh Foods Ltd. - - - - - - -
(3,893.99) - - - - - (3,893.99)
Jain Processed Foods Trading & 20.00 - - - - - 20.00
Investments Pvt. Ltd. (0.10) - - - - - (0.10)
Driptech India Pvt. Ltd., Jalgaon - - - - - - -
- (0.00) - - - - (0.00)

16 Rent Received - 0.10 - - - 0.21 0.31

- - - - - (0.18) (0.18)
Sustainable Agro-Commercial - - - - - 0.21 0.21
Finance Ltd. - - - - - (0.18) (0.18)
Driptech India Pvt. Ltd. - 0.10 - - - - 0.10
- - - - - - -
17 Loan And Advances Taken - - - - - 670.00 670.00
Repaid - - - - - (400.00) (400.00)
Sustainable Agro-Commercial - - - - - 670.00 670.00
Finance Ltd. - - - - - (400.00) (400.00)

18 Loans and Advance Repaid 2,338.49 30.81 10.00 - - - 2,379.30

(57.95) (5.02) (6.84) - - - (69.81)
Jain Irrigation Inc., USA - 30.81 - - - - 30.81
- (5.02) - - - - (5.02)
Jain Farm Fresh Foods Ltd. - - - - - - -
(50.52) - - - - - (50.52)
Jain Processed Foods Trading & - - - - - - -
Investments Pvt. Ltd. (7.43) - - - - - (7.43)
Jain International Trading B.V., 2,338.49 - - - - - 2,338.49
Netherlands - - - - - - -
Bhavarlal and Kantabai Jain - - 10.00 - - - 10.00
Multipurpose Foundation - - (6.84) - - - (6.84)

19 Sale of business on Slump sale - - - - - - -

(6,797.59) - - - - - (6,797.59)

269
 Jain Irrigation Systems Ltd.

Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. Transactions [1] [2] [3] [4] [5] [6] Total

Jain Farm Fresh Foods Ltd. - - - - - - -
(6,797.59) - - - - - (6,797.59)

20 Received Against Slump Sale 1,263.05 - - - - - 1,263.05

(5,534.54) - - - - - (5,534.54)
Jain Farm Fresh Foods Ltd. 1,263.05 - - - - - 1,263.05
(5,534.54) - - - - - (5,534.54)

21 Share application money - - - - - - -

(20.00) - - - - - (20.00)
Jain Processed Foods Trading & - - - - - - -
Investments Pvt. Ltd. (20.00) - - - - - (20.00)

22 Sale of Investment 4,814.69 - - - - - 4,814.69

(Redemption) - - - - - - -
Jain International Trading B.V., 4,023.94 - - - - - 4,023.94
Netherlands - - - - - - -
JISL Overseas Ltd. Mauritius 790.75 - - - - - 790.75
- - - - - - -

23 Capitalization of Advances - - 264.99 - - - 264.99

Given - - - - - - -
Gandhi Research Foundation - - 264.99 - - - 264.99
- - - - - - -

C) Summary of Related Party Balances as at

Sr. As at
Balances as at [1] [2] [3] [4] [5] [6] Total
31-Mar
1 2017 Investment in 10,346.84 0.00 - - - 601.08 10,947.92
2016 12,950.63) (0.00) - - - (595.67) (13,546.30)
2015 (6,127.50) - - - - (588.01) (6,715.51)
2017 JISL Overseas 2,833.55 - - - - - 2,833.55
2016 Ltd., Mauritius (2,819.01) - - - - - (2,819.01)
2015 (2,800.96) - - - - - (2,800.96)
2017 Jain International 691.56 - - - - - 691.56
2016 Trading B.V., (3,329.89) - - - - - (3,329.89)
2015 Netherlands (3,326.54) - - - - - (3,326.54)
2017 Jain Irrigation 0.00 - - - - - 0.00
2016 Holdings Inc, USA (0.00) - - - - - (0.00)
2015 - - - - - - -
2017 Jain Farm Fresh 6,801.63 - - - - - 6,801.63
2016 Foods Ltd. (6,801.63) - - - - - (6,801.63)
2015 - - - - - - -
2017 Jain Processed 20.10 - - - - - 20.10
2016 Foods Trading & (0.10) - - - - - (0.10)
2015 Investments Pvt. - - - - - - -
Ltd.
2017 Driptech India Pvt. - 0.00 - - - - 0.00
2016 Ltd. - (0.00) - - - - (0.00)
2015 - - - - - - -
2017 Sustainable - - - - - 601.08 601.08
2016 Agro-Commercial - - - - - (595.67) (595.67)
2015 Finance Ltd. - - - - - (588.01) (588.01)
2 2017 Loan given to 12.38 - - - - - 12.38
2016 (2,066.76) (31.53) - - - - (2,098.29)
2015 (1,852.63) (34.42) - - - - (1,887.05)
2017 Jain Irrigation Inc., - - - - - - -
2016 USA - (31.53) - - - - (31.53)
2015 - (34.42) - - - - (34.42)

270
Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. As at
Balances as at [1] [2] [3] [4] [5] [6] Total
31-Mar
2017 Jain International - - - - - - -
2016 Trading B.V., (2,056.26) - - - - - (2,056.26)
2015 Netherlands (1,852.63) - - - - - (1,852.63)
2017 Jain Processed 12.38 - - - - - 12.38
2016 Foods Trading & (10.50) - - - - - (10.50)
2015 Investments Pvt. Ltd. - - - - - - -

3 2017 Accounts - 760.02 11.76 - - - 771.78

2016 Receivable - (3,976.91) (3.40) - - - (3,980.31)
2015 - 3,542.39) (0.06) - - - (3,542.45)
2017 Jain ( Europe ) - 39.65 - - - - 39.65
2016 Ltd., UK - (2,166.85) - - - - (2,166.85)
2015 - (2,296.02) - - - - (2,296.02)
2017 Jain Americas - - - - - - -
2016 Food Inc, USA - (58.76) - - - - (58.76)
2015 - (253.19) - - - - (253.19)
2017 Cascade - 4.38 - - - - 4.38
2016 Specialties Inc., - - - - - - -
2015 USA - - - - - - -
2017 NaanDan Jain - 95.27 - - - - 95.27
2016 Mexico, S.A. De - (245.02) - - - - (245.02)
2015 C.V., Mexico - (177.14) - - - - (177.14)
2017 Jain Sulama - 109.90 - - - - 109.90
2016 Sistemleri Sanayi - (202.77) - - - - (202.77)
2015 VeTicaret Anonim - (108.09) - - - - (108.09)
Sirkti, Turkey.
2017 NaanDan Jain - 94.69 - - - - 94.69
2016 S.R.L.,Italy - (83.12) - - - - (83.12)
2015 - (79.13) - - - - (79.13)
2017 NaanDan Jain - 31.01 - - - - 31.01
2016 France Sarl., - (28.83) - - - - (28.83)
2015 France - (37.53) - - - - (37.53)
2017 NaanDan Jain - 30.59 - - - - 30.59
2016 Iberica S.C., Spain - - - - - - -
2015 - (1.99) - - - - (1.99)
2017 NaanDan Jain - 11.72 - - - - 11.72
2016 Australia Pty Ltd., - (2.70) - - - - (2.70)
2015 Australia - (2.80) - - - - (2.80)
2017 NaanDan Jain - 25.06 - - - - 25.06
2016 Irrigation Projects - (52.86) - - - - (52.86)
2015 S.R.L., Romania - (11.73) - - - - (11.73)
2017 NaanDan Jain Peru - 2.86 - - - - 2.86
2016 S.A.C., Peru - (4.43) - - - - (4.43)
2015 - - - - - - -
2017 Naandan Jain - 130.83 - - - - 130.83
2016 Irrigation Ltd., - (203.22) - - - - (203.22)
2015 Israel - (71.33) - - - - (71.33)
2017 NaanDan Jain - 6.98 - - - - 6.98
2016 Industria E - (1.63) - - - - (1.63)
2015 Comercio de - (2.63) - - - - (2.63)
Equipmentos Ltd.,
Brazil
2017 Ex-cel Plastic, - 0.83 - - - - 0.83
2016 Ireland - (357.57) - - - - (357.57)
2015 - (474.16) - - - - (474.16)
2017 Protool A.G., - 9.42 - - - - 9.42
2016 Switzerland - - - - - - -
2015 - - - - - - -

271
 Jain Irrigation Systems Ltd.

Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. As at
Balances as at [1] [2] [3] [4] [5] [6] Total
31-Mar
2017 Jain America - - - - - - -
2016 Holdings Inc, USA - (354.22) - - - - (354.22)
2015 - - - - - - -
2017 Jain Irrigation Inc, - 100.55 - - - - 100.55
2016 USA - (208.62) - - - - (208.62)
2015 - (26.65) - - - - (26.65)
2017 Driptech India Pvt. - 15.22 - - - - 15.22
2016 Ltd. - (6.31) - - - - (6.31)
2015 - - - - - - -
2017 Ex-cel Plastic, - 48.97 - - - - 48.97
2016 France - - - - - - -
2015 - - - - - - -
2017 Gavish Control - 2.09 - - - - 2.09
2016 Systems Ltd., - - - - - - -
2015 Israel - - - - - - -
2017 Gandhi Research - - - - - - -
2016 Foundation - - (2.03) - - - (2.03)
2015 - - - - - - -
2017 Bhavarlal and - - 11.76 - - - 11.76
2016 Kantabai Jain - - (1.37) - - - (1.37)
2015 Multipurpose - - - - - - -
Foundation
2017 Aadhunik Hi-Tech - - - - - - -
2016 Agriculture Pvt. - - - - - - -
2015 Ltd. - - (0.06) - - - (0.06)

4 2017 Accounts - 157.90 11.16 - - 6.95 176.01

2016 Payable (0.69) (221.50) (24.69) - - (3.19) (250.07)
2015 - (501.97) (0.57) - - (1.82) (504.36)
2017 The Machine S.A., - 20.50 - - - - 20.50
2016 Switzerland - (21.27) - - - - (21.27)
2015 - (42.00) - - - - (42.00)
2017 Naandan Jain - 34.02 - - - - 34.02
2016 Irrigation Ltd., - (31.51) - - - - (31.51)
2015 Israel - (16.39) - - - - (16.39)
2017 NaanDan Jain - - - - - - -
2016 Mexico, S.A. De - - - - - - -
2015 C.V., Mexico - (43.45) - - - - (43.45)
2017 NaanDan Jain - - - - - - -
2016 S.R.L.,Italy - - - - - - -
2015 - (0.01) - - - - (0.01)
2017 NaanDan Jain - 0.14 - - - - 0.14
2016 Iberica S.C., Spain - (0.34) - - - - (0.34)
2015 - - - - - - -
2017 Jain ( Europe ) - 77.34 - - - - 77.34
2016 Ltd., UK - (79.95) - - - - (79.95)
2015 - (272.22) - - - - (272.22)
2017 Jain Irrigation Inc., - - - - - - -
2016 USA - - - - - - -
2015 - (92.38) - - - - (92.38)
2017 Jain Sulama - 0.92 - - - - 0.92
2016 Sistemleri Sanayi - (2.61) - - - - (2.61)
2015 VeTicaret Anonim - (22.56) - - - - (22.56)
Sirkti, Turkey.
2017 Jain Americas - - - - - - -
2016 Food Inc, USA - - - - - - -
2015 - (12.53) - - - - (12.53)

272
Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. As at
Balances as at [1] [2] [3] [4] [5] [6] Total
31-Mar
2017 NaanDan Jain - 0.02 - - - - 0.02
2016 Australia Pty Ltd., - - - - - - -
2015 Australia - - - - - - -
2017 Gavish Control - 5.82 - - - - 5.82
2016 Systems Ltd., - (3.46) - - - - (3.46)
2015 Israel - (0.43) - - - - (0.43)
2017 Protool A.G., - 1.63 - - - - 1.63
2016 Switzerland - (0.47) - - - - (0.47)
2015 - - - - - - -
2017 Ex-cel Plastic, - - - - - - -
2016 Ireland - (3.40) - - - - (3.40)
2015 - - - - - - -
2017 Jain America - 10.26 - - - - 10.26
2016 Holdings Inc, USA - (10.49) - - - - (10.49)
2015 - - - - - - -
2017 Jain Irrigation Inc, - 7.25 - - - - 7.25
2016 USA - (68.00) - - - - (68.00)
2015 - - - - - - -
2017 Jain Farm Fresh - - - - - - -
2016 Foods Ltd. (0.69) - - - - - (0.69)
2015 - - - - - - -
2017 Aadhunik Hi-Tech - - 11.16 - - - 11.16
2016 Agriculture Pvt. Ltd - - (24.69) - - - (24.69)
2015 - - - - - - -
2017 Bhavarlal & - - - - - - -
2016 Kantabai Jain - - - - - - -
2015 Multipurpose - - (0.21) - - - (0.21)
Foundation
2017 Gandhi Research - - - - - - -
2016 Foundation - - - - - - -
2015 - - (0.36) - - - (0.36)
2017 Sustainable - - - - - 6.95 6.95
2016 Agro-Commercial - - - - - (3.19) (3.19)
2015 Finance Ltd. - - - - - (1.82) (1.82)

5 2017 Advance Given - 10.79 24.76 37.16 - - 72.71

2016 - (10.47) (299.75) (39.85) - - (350.07)
2015 - (4.88) (306.68) (32.79) - (0.02) (344.37)
2017 The Machine S.A., - 0.49 - - - - 0.49
2016 Switzerland - - - - - - -
2015 - - - - - - -
2017 Protool A.G., - 10.30 - - - - 10.30
2016 Switzerland - (10.47) - - - - (10.47)
2015 - (4.88) - - - - (4.88)
2017 Gandhi Research - - - - - - -
2016 Foundation - - (264.99) - - - (264.99)
2015 - - (265.08) - - - (265.08)
2017 Bhavarlal and - - 24.76 - - - 24.76
2016 Kantabai Jain - - (34.76) - - - (34.76)
2015 Multipurpose - - (41.60) - - - (41.60)
Foundation
2017 Manoj Lodha - - - 22.28 - - 22.28
2016 - - - (20.02) - - (20.02)
2015 - - - (21.76) - - (21.76)
2017 Avdhut V. - - - 14.88 - - 14.88
2016 Ghodgaonkar - - - (19.83) - - (19.83)
2015 - - - (11.03) - - (11.03)

273
 Jain Irrigation Systems Ltd.

Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. As at
Balances as at [1] [2] [3] [4] [5] [6] Total
31-Mar
2017 Sustainable - - - - - - -
2016 Agro-Commercial - - - - - - -
2015 Finance Ltd. - - - - - (0.02) (0.02)

6 2017 Advance - 311.01 - - - - 311.01

2016 Received - - - - - - -
2015 - - - - - - -
2017 Jain America - 311.01 - - - - 311.01
2016 Holdings Inc, USA - - - - - - -
2015 - - - - - - -

7 2017 Commission - - - - - - -
2016 Receivable (9.22) (11.44) - - - - (20.66)
2015 (8.70) (10.80) - - - - (19.50)
2017 Jain International - - - - - - -
2016 Trading B.V., (9.22) - - - - - (9.22)
2015 Netherlands (8.70) - - - - - (8.70)
2017 Jain (Israel) B.V., - - - - - - -
2016 Netherlands - (11.44) - - - - (11.44)
2015 - (10.80) - - - - (10.80)

8 2017 Deposit - - 23.21 241.83 184.44 - 449.49

2016 Receivable - - (25.68) (267.57) (204.06) - (497.31)
2015 - - (28.15) (293.31) (223.68) - (545.14)
2017 Shri.Ashok B. Jain - - - 58.09 - - 58.09
2016 - - - (64.27) - - (64.27)
2015 - - - (70.45) - - (70.45)
2017 Shri.Ajit B. Jain - - - 143.68 - - 143.68
2016 - - - (158.98) - - (158.98)
2015 - - - (174.28) - - (174.28)
2017 Shri. Atul B. Jain - - - 40.06 - - 40.06
2016 - - - (44.32) - - (44.32)
2015 - - - (48.58) - - (48.58)
2017 Smt.Jyoti Ashok - - - - 49.06 - 49.06
2016 Jain - - - - (54.28) - (54.28)
2015 - - - - (59.50) - (59.50)
2017 Smt. Nisha Anil - - - - 119.54 - 119.54
2016 Jain - - - - (132.26) - (132.26)
2015 - - - - (144.98) - (144.98)
2017 Smt. Shobhana Ajit - - - - 7.92 - 7.92
2016 Jain - - - - (8.76) - (8.76)
2015 - - - - (9.60) - (9.60)
2017 Smt. Bhavana Atul - - - - 7.92 - 7.92
2016 Jain - - - - (8.76) - (8.76)
2015 - - - - (9.60) - (9.60)
2017 Jain Brothers - - 18.12 - - - 18.12
2016 Industries Pvt. Ltd. - - (20.05) - - - (20.05)
2015 - - (21.99) - - - (21.99)
2017 Jalgaon Shop Drip - - 3.44 - - - 3.44
2016 & Pipe Supplier - - (3.80) - - - (3.80)
2015 - - (4.16) - - - (4.16)
2017 Jain Computers & - - 0.96 - - - 0.96
2016 Allied Services - - (1.07) - - - (1.07)
2015 - - (1.17) - - - (1.17)
2017 JAF Products Pvt. - - 0.69 - - - 0.69
2016 Ltd. - - (0.76) - - - (0.76)
2015 - - (0.83) - - - (0.83)

274
Contd...37 Related party transactions (All amount in ` Million, unless otherwise stated)

Sr. As at
Balances as at [1] [2] [3] [4] [5] [6] Total
31-Mar
9 2017 Sale of assets (1,263.05) - - - - - (1,263.05)
2016 & liabilities on - - - - - - -
2015 Slump sale - - - - - - -
2017 Jain Farm Fresh - - - - - - -
2016 Foods Ltd. (1,263.05) - - - - - (1,263.05)
2015 - - - - - - -

10 2017 Share application (20.00) - - - - - (20.00)

2016 money - - - - - -
2015
2017 Jain Processed - - - - - - -
2016 Foods Trading & (20.00) - - - - - (20.00)
2015 Investments Pvt. Ltd. - - - - - - -
Note:
Previous year’s figures are given in bracket
The Company, in its quest for rural development, has supported through investment in buildings, facility and infrastructure
in an initiative by Bhavarlal & Kantabai Jain Multipurpose Foundation to establish a residential school called “Anubhuti
5EJQQNŪDCUGFWRQP+PFKCPGVJQUCPFXCNWGU6JG%QORCP[CNUQFGTKXGUDGPGƒVHTQOVJKUKPXGUVOGPVKPVJGHQTOQH
WUCIGQH6JGUGHCEKNKVKGUEJKNFTGPQH%QORCP[ŦUCUUQEKCVGUIGVRTKQTKV[CFOKUUKQPKPVQVJGUEJQQNGVE
The Company with help of trust will make further efforts to get extra gains from this investment as part of its corporate
social responsibility initiative commitments.

[1] * Wholly Owned Subsidiary Companies

[2] * Fellow Subsidiary Companies
 =?%QORCPKGU(KTOUKPYJKEJFKTGEVQTFKTGEVQTŦUTGNCVKXGUCTG&KTGEVQTU5JCTGJQNFGTU2CTVPGTU
[4] * Key management personnel
[5] * Relatives of Key management personnel
[6] * Associate Company

38) FINANCIAL RISK MANAGEMENT

The Company’s activities expose it to market risk, liquidity risk, and credit risk, which may have an adverse effects on its
ƒPCPEKCNRGTHQTOCPEG+PQTFGTVQOKPKOKUGVJGCFXGTUGGHHGEVUQPVJGƒPCPEKCNRGTHQTOCPEGQHVJG%QORCP[FGTKXCVKXG
ƒPCPEKCN KPUVTWOGPVU UWEJ CU HQTGKIP GZEJCPIG HQTYCTF EQPVTCEVU CTG GPVGTGF VQ JGFIG EGTVCKP HQTGKIP EWTTGPE[ TKUM
exposures and interest rate swap, principal only swap to hedge variable interest rate exposures. The sources of risk, which
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6JGUQWTEGUQHTKUMYJKEJVJGGPVKV[KUGZRQUGFVQCPFJQYVJGGPVKV[OCPCIGUVJGUGTKUMUCPFVJGKTKORCEVQPƒPCPEKCN
statements is given below:
Risk Exposure from Measurement Management
Credit risk Trade receivables, Cash and cash “Aging analysis, Credit limits, Letters of credit and
equivalents, derivative financial Credit ratings” diversification of bank deposits
instruments, financial assets
measued at amortised cost
Liquidity risk Borrowings, Trade payables and Cash flow forecasts Availability of commited credit
other liabilities lines and borrowing facilities
Market risk - Foreign Foreign currency receivables and Cash flow forecasting and Foreign exchange forward
Currency payables; borrowings and lendings; Sensitivity analysis contracts, natural hedge
Forecasted foreign currency
transactions
Market risk - Interest Long-term borrowings at variable Sensitivity analysis Interest rate swaps
rate interest rates
The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk
management framework. The board of directors have established the Risk Management Committee, which is responsible
for developing and monitoring the Company’s risk management policies. The committee reports regularly to the board of
directors on its activities.

The board and the risk management committee provides principles for overall risk management, as well as policies covering
URGEKƒECTGCUUWEJCUHQTGKIPGZEJCPIGTKUMKPVGTGUVTCVGTKUMETGFKVTKUMWUGQHFGTKXCVKXGƒPCPEKCNKPUVTWOGPVGVE

275
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

[A] Credit risk
 %TGFKVTKUMKUVJGTKUMQHƒPCPEKCNNQUUVQVJG%QORCP[KHCEWUVQOGTQTEQWPVGTRCTV[VQCƒPCPEKCNKPUVTWOGPVHCKNUVQ
meet its contractual obligations, and arises principally from the Company’s receivables from customers and investment
securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring
the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The
Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in
respect of trade and other receivables and investments.

Trade and other receivables

“The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit
risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness
of customers to which the Company grants credit terms in the normal course of business. Credit terms are in line with
industry trends.”

Summary of the Company’s exposure to credit risk by age of the outstanding from various customers is as follows:

31-Mar-17 31-Mar-16 01-Apr-15

Not yet due 3,957.43 5,956.41 6,791.35
Past due
- Past due 0 - 180 days 8,459.77 6,854.50 5,620.05
- Past due more than 180 days 4,155.16 6,577.17 5,962.34
16,572.36 19,388.08 18,373.74
Less: Impairment allowance (1,221.08) (1,401.99) (1,190.05)
Total 15,351.28 17,986.09 17,183.69
Expected credit loss assessment for customers as at 1 April 2015, 31 March 2016 and 31 March 2017
Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine
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credit losses. Given that the macro economic indicators affecting customers of the Company have not undergone any
substantial change, the Company expects the historical trend of minimal credit losses to continue. Further, management
believes that the unimpaired amounts that are past due by more than 30 days are still collectible in full, based on
historical payment behaviour and extensive analysis of customer credit risk.

The movement in the allowance for impairment in respect of trade and other receivables during the year was as follows.

Amount
st
Balance as at 1 April 2015 1,190.05
Impairment loss recognised 224.21
Amounts written off / written back (12.27)
st
Balance as at 31 March 2016 1,401.99
Impairment loss recognised 65.47
Amounts written off / written back (246.38)
st
Balance as at 31 March 2017 1,221.08

Cash and bank balance

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institutions is evaluated by the management on an ongoing basis and is considered to be good.

Derivatives
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QHUWEJDCPMUCPFƒPCPEKCNKPUVKVWVKQPUKUGXCNWCVGFD[VJGOCPCIGOGPVQPCPQPIQKPIDCUKUCPFKUEQPUKFGTGFVQDG
good.

Investment in bonds / Non-convertible debentures:

The Company held investments in bonds/ non-convertible debentures of ` 10 and ` 15 as at March 31, 2017 and March
31, 2016 respectively The Company limits its investment in bonds / non-convertible debentures in instruments having a
credit rating which indicates high credit quality. The Company monitors the changes in credit risk.

276
 (All amount in ` Million, unless otherwise stated)
[B] Liquidity risk
 .KSWKFKV[TKUMKUVJGTKUMVJCVVJG%QOCRP[YKNNGPEQWPVGTFKHƒEWNV[KPTCKUKPIHWPFUVQOGGVEQOOKVOGPVUCUUQEKCVGFYKVJ
ƒPCPEKCNKPUVTWOGPVU.KSWKFKV[TKUMOCPCIGOGPVKORNKGUOCPKVCKPKPIUWHƒEKGPVECUJCPFOCTMGVCDNGUGEWTKVKGUCPFVJG
availability of funding through committed credit facilities to meet the obligations when due.

Management monitors rolling forecasts of the Company’s liquidity position (comprising the undrawn borrowing facilities
below) and cash and cash equivalents on the basis of expected cash flows. The Comapny manages its liquidity risk by
by preparing month on month cash flow projections to monitor liquidity requirements.In addition, the Company projects
cash flows and considering the level of liquid assets necessary to meet these, monitoring the balance sheet liquidity
TCVKQUCICKPUVKPVGTPCNCPGZVGTPCNTGIWNCVQT[TGSWKTGOGPVUCPFOCKPVCKPKPIFGDVƒPCPEKPIRNCPU

(i) Financing arrangements

The Company has access to the following undrawn borrowing facilities at the end of the reporting period:
31-Mar-17 31-Mar-16 01-Apr-15
Floating rate
- Expiring within one year (Cash credit facilities) 9,142.33 2,591.53 2,320.00
- Expiring beyond one year (loans etc.,) - - -
Total 9,142.33 2,591.53 2,320.00

(ii) Maturities of financial liabilities

 6JGDGNQYVCDNGCPCN[UGUVJG%QORCP[ŦUƒPCPEKCNNKCDKNKVKGUKPVQTGNGXCPVOCVWTKV[ITQWRKPIUDCUGFQPVJGKTEQPVTCEVWCN
maturities. The amounts disclosed in the table are contractual undiscounted cash flows, balances due within 12
OQPVJUGSWCNVJGKTECTT[KPIDCNCPEGUCUVJGKORCEVQHFKUEQWPVKPIKUPQVUKIPKƒECPV
Carrying Less than 1 - 2 years 2 - 5 years More than Total
Amount 12 Months 5 years
31-Mar-17
Non-derivatives
Borrowings (including interest
16,648.05 11,827.39 2,366.56 3,249.21 354.61 17,797.77
accrued but not due)#
Trade payables 8,629.38 8,629.38 - - - 8,629.38
Other financial liabilities 1,536.69 1,258.47 278.22 - - 1,536.69
Financial guarantee contract* 13,841.72 482.00 248.00 13,111.72 - 13,841.72
Derivatives
Interest rate swap / Principal only
25.40 49.71 33.15 42.65 - 125.51
swaps
Foreign currency forward contracts 123.68 68.08 55.60 - - 123.68
31-Mar-16
Non-derivatives
Borrowings (including interest
28,626.53 17,387.27 6,640.36 6,989.25 546.01 31,562.89
accrued but not due)#
Trade payables 7,849.19 7,849.19 - - - 7,849.19
Other financial liabilities 1,045.05 887.71 157.34 - - 1,045.05
Financial guarantee contract* 3,221.35 2,055.02 551.58 614.75 - 3,221.35
Derivatives
Interest rate swap / Principal only
2.54 2.54 - - - 2.54
swaps
Foreign currency forward contracts 46.26 - 27.70 65.98 - 93.68
01-Apr-15
Non-derivatives
Borrowings (including interest
31,678.86 18,526.83 3,665.76 11,261.30 1,499.36 34,953.25
accrued but not due)#
Trade payables 11,157.78 11,157.78 - - - 11,157.78
Other financial liabilities 1,432.07 1,150.76 281.31 - - 1,432.07
Financial guarantee contract* 3,916.76 2,764.50 283.61 775.79 92.86 3,916.76
Derivatives
Interest rate swap / Principal only
68.59 8.70 62.05 106.54 18.98 196.27
swaps
Foreign currency forward contracts 49.95 2.17 - 34.47 79.53 116.17

277
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

# Embedded derivatives have been considered as part of the borrowings for the purpose of maturity disclosures.
* Financial guarantees issued by the company on behalf of subsidiary (` 13,841.72, March 31, 2016 ` 3,221.35, April
1,2015 `CTGYKVJTGURGEVVQDQTTQYKPITCKUGFD[VJGTGURGEVKXGGPVKV[6JGUGCOQWPVUYKNNDGRC[CDNGQP
default by the concerned entity. As of the reporting date, none of the subsidiaries have deafaulted and hence, the
company does not have any present obligation to third parties in relation to such guarantee.
[C] Market risk
(i) Foreign currency risk
Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices
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investment transactions and is exposed to foreign exchange risk arising from foreign currency transactions, primarily
YKVJTGURGEVVQ75'74CPF)$2(QTGKIPEWTTGPE[TKUMCTKUGUHTQOHWVWTGEQOOGTEKCNVTCPUCEVKQPUCPFTGEQIPKUGF
in assets and liabilities denominated in foreign currency that is not Company’s functional currency (i.e., INR). The
risk is measured through a forecas of highly probable foreign currency cash flows. The objective of the hedges is to
minimise the volatility of the INR cash flows of a high probable forecast transactions.
(a) Foreign currency risk exposure
The Company’s exposure to foreign currency risk at the end of the reporting period expressed in INR, are as
follows:
US$ EUR GBP CHF Others Total
31-MAR-17
Financial assets
Trade receivables 711.86 366.74 9.24 - - 1,087.84
Less forward agst Export (136.16) - - - - (136.16)
Cash and cash equivalents 7.89 - - - 0.06 7.95
Net exposure to foreign currency risk (assets) 583.59 366.74 9.24 - 0.06 959.63
Financial liabilities
Borrowings 8,304.95 - - 529.13 - 8,834.08
Less POS & forward agst Borrowing (3,105.12) - - (242.46) - (3,347.58)
Trade payables 1,163.33 58.89 0.60 0.83 5.62 1,229.27
Less forward agst Import (192.18) - - - - (192.18)
Other financial liabilities 76.64 0.25 - 22.02 - 98.91
Net exposure to foreign currency risk (liabilities) 6,247.62 59.14 0.60 309.52 5.62 6,622.50
Rupee Conversion Rate 64.84 69.25 80.88 64.83
31-MAR-16
Financial assets
Trade Receivables 2,189.72 1,671.98 472.27 - - 4,333.97
Less forward agst Export (398.00) (229.04) (242.47) - - (869.51)
Cash and cash equivlents 2.43 - - - - 2.43
Loan to related parties 757.19 - - - - 757.19
Other Financial Assets 1,319.73 - - 31.53 - 1,351.26
Investment 696.06 - - - - 696.06
Net exposure to foreign currency risk (assets) 4,567.13 1,442.94 229.80 31.53 - 6,271.40
Financial liabilities
Borrowings 9,654.45 30.12 - 910.33 - 10,594.90
Less POS & forward agst Borrowing (1,767.77) - - - - (1,767.77)
Trade Payables 1,395.09 44.27 - 9.96 0.01 1,449.33
Other financial liabilities 94.05 - - 24.18 - 118.23
Net exposure to foreign currency risk (liabilities) 9,375.82 74.39 - 944.47 0.01 10,394.69
Rupee Conversion Rate 66.33 75.10 95.09 68.83
01-APR-15
Financial assets
Trade Receivables 2,086.05 1,329.81 885.10 - - 4,300.96
Less forward agst Export (751.09) (202.53) (416.07) - - (1,369.69)
Cash and cash equivlents 2.79 - - - - 2.79
Loan to related parties 795.84 - - - - 795.84

278
 (All amount in ` Million, unless otherwise stated)

US$ EUR GBP CHF Others Total

Other Financials Assets 1,056.79 - - 34.42 - 1,091.21
Investment 612.05 - - - - 612.05
Net exposure to foreign currency risk (assets) 3,802.43 1,127.28 469.03 34.42 - 5,433.16
Financial liailities
Borrowings 11,060.72 170.55 132.29 1,253.02 - 12,616.58
Less POS & forward agst Borrowing (1,880.85) - - - - (1,880.85)
Trade Payables 1,067.34 59.51 8.38 2.28 1.32 1,138.83
Other financial liabilities 102.98 0.13 - 46.52 - 149.63
Net exposure to foreign currency risk (liabilities) 10,350.19 230.19 140.67 1,301.82 1.32 12,024.19
Rupee Conversion Rate 62.59 67.51 92.46 65.01

(b) Foreign currency sensitivity analysis

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ƒPCPEKCNKPUVTWOGPVU6JGHQNNQYKPIVCDNGUFGOQPUVTCVGVJGUGPUKVKXKV[VQCTGCUQPCDN[RQUUKDNGEJCPIGKP75'74
)$2CPF%*(GZEJCPIGTCVGUYKVJCNNQVJGTXCTKCDNGUJGNFEQPUVCPV
Impact on profit after tax
31-Mar-17 31-Mar-16
US$
- Increase by 2% (74.15) (62.89)
- Decrease by 2% 74.15 62.89
EUR
- Increase by 2% 4.02 17.90
- Decrease by 2% (4.02) (17.90)
GBP
- Increase by 2% 0.11 3.01
- Decrease by 2% (0.11) (3.01)
CHF
- Increase by 2% (4.05) (11.94)
- Decrease by 2% 4.05 11.94

(ii) Cashflow and fair value interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the
TKUMQHEJCPIGUKPHCKTXCNWGUQHƒZGFKPVGTGUVDGCTKPIKPXGUVOGPVUDGECWUGQHHNWEVWCVKQPUKPVJGKPVGTGUVTCVGU%CUJ
flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because
of fluctuations in the interest rates. In order to optimize the Company’s position with regards to interest expenses and to
manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing
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endeavours to gradually reduce the exposure to variable interest rate borrowings. The Compnay’s main interest rate
risk arised from long-term borrowings with variable rates, which expose the group to cash flow interest rate risk. The
Company’s borrowings at variable rate were mainly denominated in INR, US$ and CHF.

 6JG%QORCP[ŦUƒZGFTCVGDQTTQYKPIUCTGECTTKGFCVCOQTVKUGFEQUV6JGCTGVJGTGHQTGPQVUWDLGEVVQKPVGTGUVTCVGTKUMCU
FGƒPGFKP+PF#5UKPEGPGKVJGTVJGECTT[KPICOQWPVPQTVJGHWVWTGECUJHNQYUYKNNHNWEVWCVGDGECWUGQHEJCPIGKP
market interest rates.

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and floating rate interest amounts calculated by reference to the agreed notional principal amounts.
(a) Interest rate exposure

The exposure of the Company’s borrowing to interest rate changes at the end of the reporting period is as follows:
31-Mar-17 31-Mar-16 01-Apr-15
Variable rate borrowings 12,514.61 24,462.44 28,095.28
Fixed rate borrowings 3,751.43 3,851.96 3,101.49
Total 16,266.04 28,314.40 31,196.77

279
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

‘We use interest rate swaps to hedge a portion of our foreign currency borrowings. Our borrowings denominated in
Indian rupee bore interest at floating rates and are unhedged. As of March 31, 2015, 2016 and 2017, we had outstanding
interest rate swap agreements in the amounts of Nil , `CPF` 508.36, respectively.
(b) Sensitivity
 2TQƒVQTNQUUKUUGPUKVKXGVQJKIJGTNQYGTKPVGTGUVGZRGPUGHTQODQTTQYKPIUCUCTGUWNVQHEJCPIGUKPKPVGTGUVTCVGU#
reasonably possible change of 50 basis points in interest rates at the reporting date would have increased (decreased)
GSWKV[CPFRTQƒVQTNQUUD[VJGCOQWPVUUJQYPDGNQY6JKUCPCN[UKUCUUWOGUVJCVCNNQVJGTXCTKCDNGUKPRCTVKEWNCTHQTGKIP
currency exchange rates, remain constant.

Impact on profit after tax 31-Mar-17 31-Mar-16

Interest rates - Increase by 50 basis points (50 basis points) (73.15) (94.23)
Interest rates - decrease by 50 basis points (50 basis points) 73.15 94.23

(iii) Other market price risks:

 6JG%QORCP[KUGZRQUGFVQGSWKV[RTKEGTKUMYJKEJCTKUGUHTQO(862.GSWKV[UGEWTKVKGU6JG%QORCP[JCUCXGT[
KPUKIPKƒECPVRQTVKQPQHCOQWPVUKPXGUVGFKPWPSWQVGFGSWKV[KPUVTWOGPVUQVJGTVJCPUWDUKFKCTKGULQKPVXGPVWTGCPF
associates. The management monitors the proportion of equity instruments in its investment portfolio based on
market indices.
 (QTSWQVGFKPXGUVOGPVUECTTKGFCVHCKTXCNWGVJTQWIJRTQƒVCPFNQUUVJGKORCEVQHKPETGCUGKPVJGXCNWGQHRQTVHQNKQ
CVVJGTGRQTVKPIFCVGQPRTQƒVQTNQUUYQWNFJCXGDGGPCPKPETGCUGQH` 0.01 after tax (2015-16: ` 0.01 after tax). An
GSWCNEJCPIGKPQRRQUKVGFKTGEVKQPYQWNFJCXGFGETGCUGFRTQƒVQTNQUUD[` 0.01 after tax (2015-16: ` 0.01 after tax).

39) CAPITAL MANAGEMENT

 6JG%QORCP[ŦURQNKE[KUVQOCKPVCKPCUVTQPIECRKVCNDCUGUQCUVQOCKPVCKPKPXGUVQTETGFKVQTCPFOCTMGVEQPƒFGPEGCPF
to sustain future development of the business. Management monitors the return on capital as well as the level of dividends
to ordinary shareholders. The board of directors seeks to maintain a balance between the higher returns that might be
possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.
The Company monitors capital using a ratio of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose, adjusted net debt
KUFGƒPGFCUVQVCNNKCDKNKVKGUEQORTKUKPIKPVGTGUVDGCTKPINQCPUCPFDQTTQYKPIUCPFQDNKICVKQPUWPFGTƒPCPEGNGCUGUNGUU
cash and bank balance. Adjusted equity comprises all components of equity.
The Company monitors capital on the basis of the following gearing ratio:
Net debt (total borrowings net of cash and cash equivalents) divided by total ‘equity’ (as shown in the balance sheet,
including non controlling interests).
The Company’s target is to maintain a debt equity ratio under 1:1. The gearing ratios were as follows:

31-Mar-17 31-Mar-16 01-Apr-15

Debt 16,266.04 28,314.40 31,196.77
Less: Cash & Bank balance (1,680.82) (1,321.55) (2,253.21)
Net Debt 14,585.22 26,992.85 28,943.56
Total Equity 43,165.00 41,617.97 37,634.18
Net Debt to equity ratio 0.34 0.65 0.77
Metrics are maintained in excess of any debt covenant restrictions.

40) DEMONETISATION
 &WTKPIVJG[GCTVJG%QORCP[JCFURGEKƒGFDCPMPQVGUCUFGƒPGFKP/%#PQVKƒECVKQPFCVGFst March 2017 on the
FGVCKNQH5RGEKƒGF$CPM0QVGU
ť5$0ŦJGNFCPFVTCPUCEVGFFWTKPIVJGRGTKQFHTQOth November 2016 to 30th December
VJGFGPQOKPCVKQPYKUG5$0CPFQVJGTPQVGUCURGTVJGURGEKƒECVKQPKUIKXGPDGNQY

Particulars SBNs * Other denomination Total

notes
Closing cash in hand as on 8-Nov-16 2.23 4.12 6.35
(+) Permitted receipts 13.50 13.50
(-) Permitted payments 14.60 14.60
(-) Amount deposited in Banks 2.23 - 2.23
Closing cash in hand as on 30-Dec-16 - 3.02 3.02
(QTVJGRWTRQUGUQHVJKUENCWUGVJGVGTOť5RGEKƒGF$CPM0QVGUŦUJCNNJCXGVJGUCOGOGCPKPIRTQXKFGFKPVJGPQVKƒECVKQP
of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the
8th November, 2016.

280
 (All amount in ` Million, unless otherwise stated)

41) FIRST-TIME ADOPTION OF IND AS

ũ6JGUGCTG%QORCP[ŦUƒTUVUVCPFCNQPGƒPCPEKCNUVCVGOGPVURTGRCTGFKPCEEQTFCPEGYKVJ+PF#56JGCEEQWPVKPIRQNKEKGUUGV
QWVKPPQVGJCXGDGGPCRRNKGFKPRTGRCTKPIVJGƒPCPEKCNUVCVGOGPVUHQTVJG[GCTGPFGFst March 2017, the comparative
KPHQTOCVKQP RTGUGPVGF KP VJGUG ƒPCPEKCN UVCVGOGPVU HQT VJG [GCT GPFGF st March 2016 and in the preparation of an
opening Ind AS balance sheet at 1st April 2015 (the Company’s date of transition). In preparing its opening Ind AS balance
UJGGVVJG%QORCP[JCUCFLWUVGFVJGCOQWPVUTGRQTVGFRTGXKQWUN[KPƒPCPEKCNUVCVGOGPVURTGRCTGFKPCEEQTFCPEGYKVJ
VJGCEEQWPVKPIUVCPFCTFUPQVKƒGFWPFGT%QORCPKGU
#EEQWPVKPI5VCPFCTFU4WNGU
CUCOGPFGFCPFQVJGTTGNGXCPV
RTQXKUKQPUQHVJG#EV
RTGXKQWU)##2QT+PFKCP)##2Ū
A) Exemptions and exceptions availed
A.1)Ind AS mandatory exceptions
A.1.1)Estimates
“An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates
OCFGHQTVJGUCOGFCVGKPCEEQTFCPEGYKVJRTGXKQWU)##2
CHVGTCFLWUVOGPVUVQTGHNGEVCP[FKHHGTGPEGKPCEEQWPVKPI
policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 1 April 2015 are
EQPUKUVGPVYKVJVJGGUVKOCVGUCUCVVJGUCOGFCVGOCFGKPEQPHQTOKV[YKVJRTGXKQWU)##26JG%QORCP[OCFGGUVKOCVGU
HQTHQNNQYKPIKVGOUKPCEEQTFCPEGYKVJ+PF#5CVVJGFCVGQHVTCPUKVKQPCUVJGUGYGTGPQVTGSWKTGFWPFGTRTGXKQWU)##2
+PXGUVOGPVKPGSWKV[KPUVTWOGPVUECTTKGFCV(862.
 +PXGUVOGPVKPFGDVKPUVTWOGPVUECTTKGFCV(862.
  +ORCKTOGPVQHƒPCPEKCNCUUGVUDCUGFQPGZRGEVGFETGFKVNQUUOQFGNCPF
4) Biological asset.”
#&GTGEQIPKVKQPQHƒPCPEKCNCUUGVUCPFNKCDKNKVKGU
 +PF #5  TGSWKTGU C ƒTUVVKOG CFQRVGT VQ CRRN[ VJG FGTGEQIPKVKQP RTQXKUKQPU QH +PF #5  RTQURGEVKXGN[ HQT
VTCPUCEVKQPUQEEWTTKPIQPQTCHVGTVJGFCVGQHVTCPUKVKQPVQ+PF#5*QYGXGT+PF#5CNNQYUCƒTUVVKOGCFQRVGT
VQCRRN[VJGFGTGEQIPKVKQPTGSWKTGOGPVUKP+PF#5TGVTQURGEVKXGN[HTQOCFCVGQHVJGGPVKV[ŦUEJQQUKPIRTQXKFGF
VJCVVJGKPHQTOCVKQPPGGFGFVQCRRN[+PF#5VQƒPCPEKCNCUUGVUCPFƒPCPEKCNNKCDKNKVKGUFGTGEQIPKUGFCUCTGUWNV
of past transactions was obtained at the time of initially accounting for those transactions. The Company has
GNGEVGFVQCRRN[VJGFGTGEQIPKVKQPRTQXKUKQPUQH+PF#5RTQURGEVKXGN[HTQOVJGFCVGQHVTCPUKVKQPVQ+PF#5
#%NCUUKƒECVKQPCPFOGCUWTGOGPVQHƒPCPEKCNCUUGVU
 +PF#5TGSWKTGUCPGPVKV[VQCUUGUUENCUUKƒECVKQPCPFOGCUWTGOGPVQHƒPCPEKCNCUUGVU
KPXGUVOGPVKPFGDV
instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.
A.2) Ind AS optional exemptions
A.2.1) Deemed cost
 +PF#5RGTOKVUCƒTUVVKOGCFQRVGTVQGNGEVVQOGCUWTGCPKVGOQHRTQRGTV[RNCPVCPFGSWKROGPVCVVJGFCVG
QHVTCPUKVKQPVQ+PF#5UCVKVUHCKTXCNWGCPFWUGVJCVHCKTXCNWGCUKVUFGGOGFEQUVKPVJGƒPCPEKCNUVCVGOGPVUCU
at the date of transition to Ind AS. This exemption can also be used for intangible assets covered by Ind AS 38
+PVCPIKDNG#UUGVUCPFKPXGUVOGPVRTQRGTV[EQXGTGFD[+PF#5+PXGUVOGPV2TQRGTVKGU#EEQTFKPIN[VJG%QORCP[
has elected to measure land and buildings (including green / poly houses) at fair value as at transition date and
use that fair value as deemed cost for those assets. All other items of property, plant and equipment and intangible
CUUGVUJCXGDGGPTGVTQURGEVKXGN[TGUVCVGFWUKPI+PF#52TQRGTV[RNCPVCPFGSWKROGPVCPF+PF#5+PVCPIKDNG
assets retrospectively.
A.2.2) Business Combination
 +PF#5RTQXKFGUVJGQRVKQPVQCRRN[+PF#5RTQURGEVKXGN[HTQOVJGVTCPUKVKQPFCVGQTHTQOCURGEKƒEFCVG
prior to the transition date. This provides relief from full retrospective application that would require restatement of
all business combinations prior to the transition date.
##TTCPIGOGPVUEQPVCKPKPICNGCUG
Ind AS 101 provides the option to determine whether an arrangement existing at date of transition is, or contains,
a lease based on the facts and circumstances at that date and not at lease start date. Accordingly, the company
has elected to determine arrangement existing at the date of transition and not at lease start date.
A.2.4) Long Term Foreign Currency Monetary Items
The Company has chosen to continue the policy adopted for accounting for exchange differences arising from
VTCPUNCVKQP QH NQPIVGTO HQTGKIP EWTTGPE[ OQPGVCT[ KVGOU TGEQIPKUGF KP VJG ƒPCPEKCN UVCVGOGPVU HQT VJG RGTKQF
GPFKPIKOOGFKCVGN[DGHQTGVJGDGIKPPKPIQHVJGƒTUV+PF#5ƒPCPEKCNTGRQTVKPIRGTKQFCURGTVJGRTGXKQWU)##2CU
permitted by Ind AS.
A.2.5) Investments in subsidiaries and associate
 +PF#5RTQXKFGUVJGQRVKQPVQOGCUWTGKPXGUVOGPVUKPUWDUKFKCTKGUCPFCUUQUEKCVGUCVRTGXKQWU)##2ECTT[KPI

281
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

COQWPVCUVJGFGGOGFEQUVKHVJG%QORCP[KPKVUUGRCTCVGƒPCPEKCNUVCVGOGPVUJCXGGNGEVGFVQCEEQWPVHQTKVU
investments in subsidiaries and assosciates at cost. The Company has opted to report the previous gaap carrying
amount as deemed cost for investments in subsidiaries and assosciate.
B) Reconciliations between previous GAAP and Ind AS
 +PRTGRCTKPIQWTQRGPKPI+PF#5DCNCPEGUJGGVYGJCXGCFLWUVGFCOQWPVUTGRQTVGFKPƒPCPEKCNUVCVGOGPVURTGRCTGFKP
CEEQTFCPEGYKVJ+)##2#PGZRNCPCVKQPQHJQYVJGVTCPUKVKQPHTQO+)##2VQ+PF#5JCUCHHGEVGFQWTƒPCPEKCNRGTHQTOCPEG
ECUJHNQYUCPFƒPCPEKCNRQUKVKQPKUUGVQWVKPVJGHQNNQYKPIVCDNGUCPFVJGPQVGUVJCVCEEQORCP[VJGVCDNGU1PVTCPUKVKQP
YGFKFPQVTGXKUGGUVKOCVGURTGXKQWUN[OCFGWPFGT+)##2GZEGRVYJGTGTGSWKTGFD[+PF#5

Reconciliation of equity as at 1st April 2015 (‘date of transition’)

Footnote ref. Amount as Effects of Amount as
per IGAAP* transition to per Ind AS
Ind AS
ASSETS
Non-current assets
Property, plant and equipment (net) 1 18,923.32 19,808.29 38,731.61
Capital work-in-progress 315.18 - 315.18
Other intangible assets 1 152.48 0.07 152.55
Investments in subsidiaries and assosciate 6,715.51 - 6,715.51
Financial assets -
(i) Investments 2 602.94 34.50 637.44
(ii) Loans 795.84 - 795.84
(iii) Other financial assets 3 1,015.34 15.97 1,031.31
Other non-current assets 6, 16 1,920.57 (1,247.44) 673.13
Income tax asset 345.47 - 345.47
Total non-current assets 30,786.65 18,611.39 49,398.04
Current assets
Inventories 1, 2 11,551.78 (238.53) 11,313.25
Biological assets 4 - 349.61 349.61
Financial assets
(i) Trade receivables 5 17,310.32 (126.63) 17,183.69
(ii) Cash and cash equivalents 2,219.42 - 2,219.42
(iii) Bank balances other than (ii) above 33.79 - 33.79
(iv) Loans 229.49 - 229.49
(v) Other financial assets 3 1,677.67 145.13 1,822.80
Other current assets 6 6,765.37 (54.51) 6,710.86
Total current assets 39,787.84 75.07 39,862.91
TOTAL ASSETS 70,574.49 18,686.46 89,260.95
EQUITY AND LIABILITIES
EQUITY
Equity share capital 924.83 - 924.83
Other equity 1 to 16 22,690.01 14,019.34 36,709.35
Total Equity 23,614.84 14,019.34 37,634.18
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 6, 7, 8, 9 14,004.04 (381.14) 13,622.90
(ii) Other financial liabilities 3, 7, 8 258.98 171.50 430.48
Provisions 74.26 - 74.26
Deferred tax liabilities (net) 16 1,187.84 3,350.80 4,538.64
Total non-current liabilities 15,525.12 3,141.16 18,666.28
Current liabilities
Financial liabilities
i. Borrowings 6 14,783.91 739.98 15,523.89
ii. Trade payables 11,157.78 - 11,157.78

282
 (All amount in ` Million, unless otherwise stated)

Footnote ref. Amount as Effects of Amount as

per IGAAP* transition to per Ind AS
Ind AS
iii. Other financial liabilities 3 3,656.47 (4.27) 3,652.20
Provisions 10 369.13 (278.27) 90.86
Other current liabilities 11, 1(b) 1,467.24 1,068.52 2,535.76
Total current liabilities 31,434.53 1,525.96 32,960.49
Total liabilities 46,959.65 4,667.12 51,626.77
TOTAL EQUITY AND LIABILITIES 70,574.49 18,686.46 89,260.95
* The previous GAAP figures have been reclassified to conform to Ind AS presentation requirements for the purpose of this
note.

Reconciliation of equity as at 31st March 2016

Footnote ref. Amount as Effects of Amount as
per IGAAP* transition to per Ind AS
Ind AS
ASSETS
Non-current assets
Property, plant and equipment (net) 1 14,754.47 15,309.95 30,064.42
Capital work-in-progress 160.37 - 160.37
Other intangible assets 1 161.22 0.06 161.28
Investment property - -
Investments in subsidiaries and assosciates 14 10,638.66 2,907.64 13,546.30
Financial assets - -
(i) Investments 2 576.28 148.14 724.42
(ii) Loans 757.19 - 757.19
(iii) Other financial assets 3 1,151.27 41.24 1,192.51
Other non-current assets 6,16 2,052.73 (1,344.17) 708.56
Tax asset 439.62 - 439.62
Total non-current assets 30,691.81 17,062.86 47,754.67
Current assets
Inventories 1, 2 7,418.29 (76.64) 7,341.65
Biological assets 4 - 314.07 314.07
Financial assets - -
(i) Trade receivables 5 18,701.36 (715.27) 17,986.09
(ii) Cash and cash equivalents 1,285.04 - 1,285.04
(iii) Bank balances other then (ii) above 36.51 - 36.51
(iv) Loans 202.58 - 202.58
(v) Other financial assets 3 3,140.55 28.37 3,168.92
Other current assets 6 6,534.32 (107.14) 6,427.18
Total current assets 37,318.65 (556.61) 36,762.04
TOTAL ASSETS 68,010.46 16,506.25 84,516.71
EQUITY AND LIABILITIES
EQUITY
Equity share capital 953.03 - 953.03
Other equity 1 to 16 24,162.27 16,502.67 40,664.94
Total Equity 25,115.30 16,502.67 41,617.97
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 6, 7, 8, 9 14,934.90 (2,810.19) 12,124.71
(ii) Other financial liabilities 3, 7, 8 379.76 (143.76) 236.00
Provisions 76.67 - 76.67
Deferred tax liabilites (net) 16 1,399.41 2,328.84 3,728.25
Total non-current liabilities 16,790.74 (625.11) 16,165.63

283
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Footnote ref. Amount as Effects of Amount as

per IGAAP* transition to per Ind AS
Ind AS
Current liabilities
Financial liabilities
i. Borrowings 6 13,329.95 104.86 13,434.81
ii. Trade payables 7,849.19 - 7,849.19
iii. Other financial liabilities 3 3,935.67 (10.81) 3,924.86
Provisions 10 366.69 (286.76) 79.93
Other current liabilities 11, 1(b) 622.92 821.40 1,444.32
Total current liabilities 26,104.42 628.69 26,733.11
Total liabilities 42,895.16 3.58 42,898.74
TOTAL EQUITY AND LIABILITIES 68,010.46 16,506.25 84,516.71
* The previous GAAP figures have been reclassified to conform to Ind AS presentation requirements for the purpose of this note.

Reconciliation of Statement of Profit and Loss as On 31st March 2016

Footnote ref. Amount as Effects of Amount as
per IGAAP* transition to per Ind AS
Ind AS
Revenue from operations 4, 12, 11 42,523.93 1,857.67 44,381.60
Other income 2,14 264.07 400.17 664.24
Total Income 42,788.00 2,257.84 45,045.84
EXPENSES
Cost of materials consumed 5, 11 21,488.46 (129.36) 21,359.10
Changes in inventories of Finished goods and work 5, 11
3,306.99 191.18 3,498.17
in progress
Excise duty on sales 12 - 1,642.20 1,642.20
Employee benefit expense 13 2,561.27 7.18 2,568.45
Finance costs 6, 7, 9 4,188.54 96.95 4,285.49
Depreciation and amortisation expense 1 1,898.35 394.75 2,293.10
Other expenses 2, 3, 5 8,420.28 49.28 8,469.56
Total expenses 41,863.89 2,252.18 44,116.07
Profit/(loss) before tax 924.11 5.66 929.77
Tax expense
- Current tax 23.47 - 23.47
- Deferred tax 16 188.10 106.72 294.82
211.57 106.72 318.29
Profit/(loss) for the year 712.54 (101.06) 611.48
Other Comprehensive Income
(i) Items that will not be reclassified to profit or loss
- Remeasurements of the defined benefit plans - 13
- 7.19 7.19
Acturial gain
(ii) Income tax relating to items that will not be
reclassified to profit or loss
-Tax on remeasurements of the defined benefit plans 16
- (2.49) (2.49)
- Acturial gain
(i) Items that will be reclassified to profit or loss
(ii) Income tax relating to items that will be reclassified
to profit or loss
- 4.70 4.70
Total Comprehensive Income for the period 712.54 (96.36) 616.18
*The previous GAAP figures have been reclassified to conform to Ind AS presentation requirements for the purpose of this note.
Impact of Ind AS adoption on the statement of cash flow for the year ended 31-March-2016

284
 (All amount in ` Million, unless otherwise stated)

Footnote ref. Amount as Effects of Amount as

per IGAAP* transition to per Ind AS
Ind AS
1 (b), 1(c), 7,
Net cash from operating activities 2,758.53 577.44 3,335.97
10, 17 & 18
Net cash (used in) investing activities 1(b), 1(c) 166.58 (328.27) (161.69)
Net cash generated from/(used in) financing activities 7, 10 (3,858.55) (253.80) (4,112.35)
Net Increase/(Decrease) in cash and cash equivalents (933.44) (4.63) (938.07)
Cash and cash equivalents as at the beginning of the 17,18
2,228.55 (21.54) 2,207.01
year
Cash and cash equivalents as at the end of the year 1,295.11 (26.17) 1,268.94

Analysis of changes in cash and cash equivalents for the purpose of statement of cash flow under Ind AS:
Footnote ref. 31-Mar-16 1-Apr-15
Cash and cash equivalents as per previous GAAP 1,295.11 2,228.55
Bank overdrafts 17 -16.1 -12.41
Unpaid dividend bank account 18 -10.06 -9.13
Cash and cash equivalents as per Ind AS 1,268.94 2,207.01

Notes to Reconciliation
i) Property, plant and equipment
(a)Fair value as deemed cost for land and buildings
The Company has elected to measure freehold land and buildings (including green / poly house) at fair value as at the
transition date to Ind AS. At the date of transition to Ind AS, land and builiding (including green / poly house) have been
fair valued to ` 16,542.15 and `TGURGEVKXGN[CPFCPKPETGCUGQH`CPF` 4,682.83 has been recorded
for land and building (including green / poly house) respectively. The carrying amounts of land and builiding (including
green / poly house) as per the previous gaap were ` 1,614.04 and `TGURGEVKXGN[

(b) Restatement as per Ind AS 16, Property, plant and equipment

 6JG%QORCP[JCUTGUVCVGFCNNQVJGTKVGOUQH2TQRGTV[RNCPVCPFGSWKROGPVQVJGTVJCPNCPFCPFDWKNFKPIU
KPENWFKPI
ITGGP  RQN[ JQWUGU WUKPI +PF #5  2TQRGTV[ RNCPV CPF GSWKROGPV TGVTQURGEVKXGN[6JG %QORCP[ JCU CFLWUVGF
IQXGTPOGPVITCPVUKPENWFKPIFWV[UCXGFQP'ZRQTV2TQOQVKQP%CRKVCN)QQFUUEJGOGHQTGKIPGZEJCPIGICKPNQUU
CPFDQTTQYKPIEQUVYJKEJJCXGDGGPECRKVCNKUGFWPFGTRTGXKQWU)##2

(c)Capitalisation of spare parts

 7PFGTRTGXKQWU)##2URCTGRCTVUYGTGENCUUKƒGFCUKPXGPVQT[CPFEJCTIGFVQ5VCVGOGPVQH2TQƒVCPF.QUUKPVJG
RGTKQFKPYJKEJVJG[YGTGKUUWGFHQTWUG7PFGT+PF#5URCTGRCTVUWUGFQXGTOQTGVJCPQPGRGTKQFCTGENCUUKƒGFCU
property, plant and equipment and depreciated from the date of purchase. The Company has done the adjustment on
transition date retrospectively.
ii) Investments
 7PFGTRTGXKQWU)##2KPXGUVOGPVUKPSWQVGFGSWKV[KPUVTWOGPVUOWVWCNHWPFUCPFTGFGGOCDNGRTGHGTGPEGUJCTGUYGTG
TGEQTFGFCVEQUV7PFGT+PF#5KPXGUVOGPVUCTGTGSWKTGFVQDGXCNWGFCVHCKTXCNWG6JG%QORCP[JCUENCUUKƒGFVJGUG
KPUVTWOGPVUCUHCKTXCNWGVJTQWIJRTQƒVCPFNQUUCPFCFLWUVGFVJGCOQWPVUCUQPVTCPUKVKQPFCVG

iii) Derivative instruments

 7PFGTRTGXKQWU)##2QPN[OCTMVQOCTMGVNQUUGUQPFGTKXCVKXGKPUVTWOGPVUYCUTGEQTFGFKPVJGƒPCPEKCNUVCVGOGPVU
For accounting for principal only swaps and forward contracts taken against loans, at the inception of swap/forward
contract, the forward premium was separated and amortised as expense over the tenure of the contract. Under Ind AS,
derivatives are required to be valued at fair value. The Company has recorded these instruments as fair value through
RTQƒVCPFNQUUCPFCFLWUVGFVJGCOQWPVUCUQPVTCPUKVKQPFCVG

iv) Biological assets

 7PFGTRTGXKQWU)##2RNCPVUITQYPHQTVKUUWGEWNVWTGYGTGTGEQTFGFCVEQUVQHRTQFWEVKQPCPFENCUUKƒGFCUKPXGPVQT[
Under Ind AS, as per Ind AS 41, the plants grown for tissue culture are considered as biological assets and have been
recorded at fair value less cost to sell. The Company has recorded these adjustments retrospectively from the transition
date.

285
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

v) Trade Receivables
 #U RGT +PF #5  VJG %QORCP[ KU TGSWKTGF VQ CRRN[ GZRGEVGF ETGFKV NQUU OQFGN HQT TGEQIPKUKPI VJG CNNQYCPEG HQT
doubtful debts. As a result, the Company has estimated lifetime expected credit losses and recorded the same as at the
transition date.

vi) Borrowings
 +PF #5  TGSWKTGU VTCPUCEVKQP EQUVU KPEWTTGF VQYCTFU QTKIKPCVKQP QH DQTTQYKPIU VQ DG FGFWEVGF HTQO VJG ECTT[KPI
COQWPVQHDQTTQYKPIUQPKPKVKCNTGEQIPKVKQP6JGUGEQUVUCTGTGEQIPKUGFKPVJG5VCVGOGPVQH2TQƒVCPF.QUUQXGTVJG
tenure of the borrowing as part of the interest expense by applying the effective interest rate method. Under previous
)##2VJGUGVTCPUCEVKQPEQUVUYGTGVCMGPVQRTGRCKFGZRGPUGUCPFEJCTIGFVQ5VCVGOGPVQH2TQƒVCPF.QUUFWTKPIVJG
VGTOQHVJGDQTTQYKPIU#EEQTFKPIN[VJGUGVTCPUCEVKQPEQUVUUJQYPCURTGRCKFGZRGPUGUWPFGTRTGXKQWU)##2JCXG
DGGPTGENCUUKƒGFVQDQTTQYKPIUCUCVGCEJDCNCPEGUJGGVFCVG

vii) Embedded Derivatives

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JQUVEQPVTCEVKUPQVCƒPCPEKCNCUUGVCPFEGTVCKPETKVGTKCCTG OGV6JG%QORCP[JCUTGXKGYGFVJGGSWKV[EQPXGTUKQP
option embedded in a convertible bond denominated in foreign currency and concluded the same to be an embedded
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Further, the liability component was also restated using effective interest rate method.

viii)Financial guarantees
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is issued. The liability is initially measured at fair value and subsequently at the higher of the amount determined in
accordance with Ind AS 37 and the amount initially recognised less cumulative amortisation, where appropriate. The
%QORCP[JCUECNEWNCVGFCPFTGEQIPKUGFVJGƒPCPEKCNIWCTCPVGGNKCDKNKV[CUCVVJGVTCPUKVKQPFCVG

ix) Compound instruments

The Company has issued Compulsorily convertible debentures during the year ended 31-Mar-2016. Under the previous
)##2VJGUCOGYCUENCUUKƒGFCUDQTTQYKPIU7PFGT+PF#5GPVKVKGUUJQWNFURNKVEQORQWPFƒPCPEKCNKPUVTWOGPVU
into separate equity and liability components. Accordingly, the Company has recorded the compound instruments by
applying the requirements of Ind AS 32 and restated the balances accordingly.

x)Proposed Dividend
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CRRTQXCNQHVJGƒPCPEKCNUVCVGOGPVUYGTGEQPUKFGTGFCUCFLWUVKPIGXGPVU#EEQTFKPIN[RTQXKUKQPHQTRTQRQUGFFKXKFGPF
was recognised as a liability. Under Ind AS, such dividends are recognised when the same is approved by the shareholders
in the general meeting. Accordingly, the liability for proposed dividend as at March 31, 2016 and as at April 1, 2015
included under provisions has been reversed with corresponding adjustment to retained earnings.

xi) Provisions
The Company has a practice of accepting sales returns. Accordingly under Ind AS, the Company has recorded sales
return based on analysis of historical data of sales returns. The Company has accordingly adjusted revenue for the year
March 31, 2016.

xii) Excise Duty

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from sale of goods is presented inclusive of excise duty. The excise duty paid is presented on the face of the Statement
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xiii) Remeasurements of post-employment benefit obligations

Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included
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5VCVGOGPVQH2TQƒVCPF.QUU7PFGTVJGRTGXKQWU)##2VJGUGTGOGCUWTGOGPVUYGTGHQTOKPIRCTVQHVJGRTQƒVQTNQUU
for the year. There is no impact on the total equity as at March 31, 2016.

xiv) Accounting for slump sale of food business

The sale of food business from Jain Irrigation Systems Limited to Jain Farm Fresh Foods Limited has been accounted
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combination and hence the same has been restated using common control transaction principles laid down under Ind
AS 103, Business Combinations. Accordingly, the difference between the considerations received and the carrying value
of net assets and liabilities taken over have been adjusted against the Investment in the subsidiary.

286
 (All amount in ` Million, unless otherwise stated)
xv)Foreign currency monetary items translation difference (FCMITDA)
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as a component of other reserve.

xvi)Deferred tax
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under deferred tax assets. Further, deferred taxes have been recognised on the adjustments made on transition to Ind AS.

xvii)Bank overdraft
Under Ind AS, bank overdrafts repayable on demand and which form part of the cash management process are included
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overdrafts were considered as part of other current liabilities. Consequently cash and cash equivalents for the purpose
of cash flows have reduced under Ind AS.

xviii)Unpaid dividend bank account

Under Ind AS, unpaid dividend bank accounts are not included in cash and cash equivalents for the purpose of
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part of cash and cash equivalents. Consequently cash and cash equivalents for the purpose of cash flows have reduced
under Ind AS.

42) OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES

“The Company enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master
netting agreements. In general, under such agreements the amounts owed by each counterparty on a single day in
respect of all transactions outstanding in the same currency are aggregated into a single net amount that is payable
by one party to the other. In certain circumstances - e.g. when a credit event such as a default occurs, all outstanding
transactions under the agreement are terminated, the termination value is assessed and only a single net amount is
payable in settlement of all transactions. The ISDA master netting agreement do not meet the criteria for offsetting in the
balance sheet. This is because the Company does not have any currently legally enforceable right to offset recognised
amounts, because the right to offset is enforceable only on the occurrence of future events such as a default on the bank
loans or other credit events.”

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agreements:
Gross and Net Related financial Net amount
amounts of financial in;struments that
inatruments in the are not offset
Balance sheet
31-Mar-17
Financial assets
Derivate assets 18.77 (18.77) -
Total
Financial liabilities
Derivative liabilities (149.09) 18.77 (130.32)
Total
31-Mar-16
Financial assets
Derivate assets 69.62 (28.38) 41.24
Total
Financial liabilities
Derivative liabilities (48.81) 28.38 (20.43)
Total
01-Apr-15
Financial assets
Derivate assets 161.10 (32.04) 129.06
Total
Financial liabilities
Derivative liabilities (118.54) 32.04 (86.50)
Total

287
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

43) In compliance with Ind AS 27 “Separate Financial Statements” the required

information is as under
Subsidiaries Principal place of Percentage of ownership
business/country of Interest As on
incorporation 31-Mar-17 31-Mar-16 01-Apr-15
% % %
JISL Overseas Limited Mauritius 100.00 100.00 100.00
Jain International Trading BV Netherland 100.00 100.00 100.00
Jain Processed Foods Trading & India 100.00 100.00 -
Investments Pvt. Ltd.
Jain Farm Fresh Foods Limited India 88.81 88.81 -
Driptech India Pvt. Ltd. India 75.00 75.00 -
Jain ( Europe ) Limited. United Kingdom 100.00 100.00 100.00
Jain International Foods Limited (Erst. United Kingdom 100.00 100.00 100.00
SQF 2009 Limited)*
Ex-Cel Plastics Limited Ireland 100.00 100.00 100.00
Jain America Foods Inc. (Erstwhile Jain United States of America 100.00 100.00 100.00
(Americas) Inc.)
Jain America Holdings Inc. United States of America 100.00 100.00 -
Jain Irrigation Holding Inc. United States of America 100.00 100.00 100.00
Cascade Specialties Inc. United States of America 100.00 100.00 100.00
JIIO (Erstwhile Jain Irrigation Inc.) United States of America 100.00 100.00 100.00
Jain Irrigation Inc. United States of America 100.00 100.00 -
Jain Agricultural Services, LLC. United States of America 100.00 100.00 100.00
Point Source Irrigation Inc. United States of America 100.00 100.00 100.00
Jain Overseas B.V. Netherland Netherland 100.00 100.00 100.00
Jain (Israel) B.V. Netherland Netherland 100.00 100.00 100.00
NaandanJain Irrigation Ltd. @ Israel 100.00 100.00 100.00
Gavish Control Systems Ltd. Israel 51.00 51.00 51.00
JISL Global SA Switzerland 100.00 100.00 100.00
JISL Systems SA Switzerland 100.00 100.00 100.00
Protool AG. # Switzerland 75.00 75.00 75.00
THE Machines Yuvnand S.A. Switzerland 100.00 100.00 100.00
Jain MENA DMCC Dubai 100.00 - -
Jain Distribution Holdings Inc. United States of America 100.00 - -
Jain Agriculture Services Australia Pty Australia 100.00 - -
Ltd.
Excel Plastic Piping Systems SAS France 100.00 - -
Jain Sulama Sistemleri Sanayive Ticaret Turkey - - 100.00
A.S.##
“# The Holding Company through its step down subsidiaries has the option to buy the balance stake of minority shareholders in
these companies at a predetermined price or agreed valuation.

## From 01st April 2015 Jain Sulama Sistemleri Sanayive Ticaret A.S is being held by NaandanJain Irrigation Ltd., Israel”

*Subsidiaries of Jain International Foods Ltd. (Erstwhile SQF 2009 Ltd.) are as under:
Name of the subsidiaries Principal place of Percentage of ownership
business/country of Interest As on
incorporation 31-Mar-17 31-Mar-16 01-Apr-15
% % %
Sleaford Food Group Limited United Kingdom 100.00 100.00 100.00
Sleaford Quality Foods Limited United Kingdom 100.00 100.00 100.00
Arnolds Quick Dried Foods Limited United Kingdom 100.00 100.00 100.00

288
 (All amount in ` Million, unless otherwise stated)

@ Subsidiaries & Joint Venture of NaandanJain Irrigation Limited, Israel are as under.
Principal place of Percentage of ownership
Name of entity business/country of Interest As on
incorporation 31-Mar-17 31-Mar-16 01-Apr-15
Subsidiaries % % %
Naan Dan Agro-Pro (Israel Company
Israel 100.00 100.00 100.00
for Agricultural Applications) Ltd
NaandanJain France Sarl France 100.00 100.00 100.00
NaandanJain Mexico, S.A. De C.V. Mexico 100.00 100.00 100.00
NaandanJain Australia Pty Ltd. Australia 100.00 100.00 100.00
NaandanJain S.R.L. Italy 100.00 100.00 100.00
Naandan Do Brasil Participacoes Ltda.
Brazil 100.00 100.00 100.00
(holding co)
NaandanJain Industria E Comercio de
Brazil 100.00 100.00 100.00
Equipmentos Ltd.
NaandanJain Iberica S.C. Spain 100.00 100.00 100.00
NaandanJain Peru S.A.C Peru 100.00 100.00 100.00
Sulama Sistemleri Sanayi Ve Ticaret ## Turkey 100.00 100.00 -
NaandanJain Irrigation Projects S.R.L. Romania 100.00 100.00 100.00
## From 1st April 2015 Jain Sulama Sistemleri Sanayive Ticaret A.S is being held by NaandanJain Irrigation Ltd., Israel

44) Comparative previous year’s figures have been reworked, regrouped and
reclassified to the extent possible, wherever necessary to confirm to current year’s
classification and presentation.

For and on behalf of the Board of Directors

Sd/- Sd/- Sd/- Sd/-

Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Company Secretary Managing Director & CEO Director CFO
DIN 00053035 DIN 01807011
Date : May 24, 2017
Place : Jalgaon

289
 Jain Irrigation Systems Ltd.

Independent Auditor’s Report

To the Members of Jain Irrigation Systems Limited
Report on the Consolidated Financial Statements
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referred to as “the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to
as “the Group”) its jointly controlled entity and an associate comprising of the Consolidated Balance Sheet as at 31st March,
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%CUJ(NQY5VCVGOGPVHQTVJG[GCTVJGPGPFGFCPFCUWOOCT[QHVJGUKIPKƒECPVCEEQWPVKPIRQNKEKGUCPFQVJGTGZRNCPCVQT[
information (hereinafter referred to as “the Consolidated Ind AS Financial Statements”).
Management’s Responsibility for the Consolidated Ind AS Financial Statements
The Holding Company’s Board of Directors is responsible for the preparation of these Consolidated Ind AS Financial
Statements in terms of the requirements of the Companies Act, 2013 (hereinafter referred to as “the Act”) that give a true
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income ,consolidated changes in equity and consolidated cash flows of the Group including its jointly controlled entity
and an associate in accordance with the accounting principles generally accepted in India, including the Indian Accounting
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Board of Directors of the companies included in the Group, its jointly controlled entity and associate are responsible for
maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the
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fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of
preparation of the Consolidated Ind AS Financial Statements by the Directors of the Holding Company, as aforesaid.
Auditors’ Responsibility
Our responsibility is to express an opinion on these Consolidated Ind AS Financial Statements based on our audit. While
conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
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Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the Consolidated Ind AS Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Consolidated
Ind AS Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the
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VJQUGTKUMCUUGUUOGPVUVJGCWFKVQTEQPUKFGTUKPVGTPCNƒPCPEKCNEQPVTQNTGNGXCPVVQVJG*QNFKPI%QORCP[ŦURTGRCTCVKQPQH
the Consolidated Ind AS Financial Statements that give a true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the Holding Company’s Board of Directors, as well as evaluating
the overall presentation of the Consolidated Ind AS Financial Statements.
We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their
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for our audit opinion on the Consolidated Ind AS Financial Statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us and based on the
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the subsidiaries, its jointly controlled entity and associate, the aforesaid Consolidated Ind AS Financial Statements give the
information required by the Act in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the consolidated state of affairs of the Group, jointly controlled entity and its
associate as at 31st/CTEJVJGKTEQPUQNKFCVGFRTQƒVEQPUQNKFCVGFEJCPIGUKPGSWKV[CPFVJGKTEQPUQNKFCVGFECUJHNQYU
for the year ended on that date.
Other Matters
a) 9GFKFPQVCWFKVVJG+PF#5ƒPCPEKCNUVCVGOGPVUQHVJKTV[UKZUWDUKFKCTKGU
KPENWFKPIVJKTV[HQWTUVGRFQYPUWDUKFKCTKGU
CPFQPGLQKPVN[EQPVTQNNGFGPVKV[QHVJGUVGRFQYPUWDUKFKCT[YJQUG+PF#5ƒPCPEKCNUVCVGOGPVUTGHNGEVUVQVCNCUUGVUQH
`OKNNKQPUCPFPGVCUUGVUQH` 13,615.23 millions as at 31st March , 2017, total revenues of `OKNNKQPU
and net cash outflows amounting to ` 310.34 millions for the year ended on that date, as considered in the Consolidated
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been furnished to us by the Management and our opinion on the Consolidated Ind AS Financial Statements, in so far as
it relates to the amounts and disclosures included in respect of these subsidiaries and its jointly controlled entity, and
our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries and the
jointly controlled entity, is based solely on the reports of the other auditors.

290
 %GTVCKPQHVJGCDQXGOGPVKQPGFUWDUKFKCTKGUCPFVJGLQKPVN[EQPVTQNNGFGPVKV[CTGNQECVGFQWVUKFG+PFKCYJQUGƒPCPEKCN
statements have been prepared in accordance with accounting principles generally accepted in their respective countries
and which has been audited by other auditors under generally accepted auditing standards applicable in their respective
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jointly controlled entity located outside India from accounting principles generally accepted in their respective countries
to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding
Company’s Management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries and its jointly
controlled entity located outside India is based on the report of other auditors and the conversion adjustments prepared
by the Management of the Holding Company and audited by us.
b) 9G FKF PQV CWFKV VJG +PF #5 ƒPCPEKCN UVCVGOGPVU QH VYQ UWDUKFKCTKGU KPENWFGF KP VJG %QPUQNKFCVGF +PF #5 (KPCPEKCN
5VCVGOGPVUYJQUG+PFCUƒPCPEKCNUVCVGOGPVUTGHNGEVUVQVCNCUUGVUQH`OKNNKQPUCPFPGVCUUGVUQH` 27.45
millions as at March 31, 2017, total revenues of `OKNNKQPUCPFPGVECUJKPHNQYUCOQWPVKPIVQ` 22.62 millions
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statements are unaudited and have been furnished to us by the Management and our opinion on the Consolidated Ind AS
Financial Statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is
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IKXGPVQWUD[VJG/CPCIGOGPVVJGUGƒPCPEKCNUVCVGOGPVUCTGPQVOCVGTKCNVQVJG)TQWR
Our opinion on the Consolidated Ind AS Financial Statements and our report on the Other Legal and Regulatory
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VJGTGRQTVUQHVJGQVJGTCWFKVQTUCPFVJG+PF#5ƒPCPEKCNUVCVGOGPVUEGTVKƒGFD[VJG/CPCIGOGPV
Report on Other Legal and Regulatory Requirements
 #UTGSWKTGFD[5GEVKQP
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a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
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b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid Consolidated
Ind AS Financial Statements have been kept by the Holding Company so far as it appears from our examination of
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E 6JG%QPUQNKFCVGF$CNCPEG5JGGVVJG%QPUQNKFCVGF5VCVGOGPVQH2TQƒVCPF.QUU
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income), the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with
by this Report are in agreement with the relevant books of account maintained by the Holding Company for the
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d) In our opinion, the aforesaid Consolidated Ind AS Financial Statements comply with the Indian Accounting
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#EEQWPVU4WNGU
e) On the basis of written representations received from the directors of the Holding Company as on 31st March 2017
taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors of its
subsidiary companies and its associate incorporated in India, none of the directors of the Group companies and its
CUUQEKCVGKPEQTRQTCVGFKP+PFKCKUFKUSWCNKƒGFCUQPst March 2017 from being appointed as a director in terms
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incorporated in India and the operating effectiveness of such controls, we give our separate Report in the “Annexure 1”.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the
explanations given to us:
i) The Consolidated Ind AS Financial Statements disclose the impact of pending litigations on the consolidated
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#5(KPCPEKCN5VCVGOGPVU
KK 2TQXKUKQPJCUDGGPOCFGKPVJG%QPUQNKFCVGF+PF#5(KPCPEKCN5VCVGOGPVUCUTGSWKTGFWPFGTVJGCRRNKECDNG
law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative
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iii)There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
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iv) The Holding Company its subsidiary companies and associate company incorporated in India have provided
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during the period from 08th November 2016 to 30th December 2016. Based on audit procedures performed by
us and reports of other auditors, we report that the disclosures are in accordance with the books of account
maintained by the Holding Company its subsidiary companies and associate company - Refer Note 43 to the
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For Haribhakti & Co. LLP
Chartered Accountants
ICAI Firm Registration No.103523W / W100048
Sd/-
Snehal Shah
Date : May 24, 2017 2CTVPGT
2NCEG Jalgaon /GODGTUJKR0Q

291
 Jain Irrigation Systems Ltd.

Annexure - 1
to the Independent Auditor’s Report
[Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory
Requirements’ in the Independent Auditor’s Report of even date to the members of
Jain Irrigation Systems Limited on the consolidated IND AS financial statements for
the year ended March 31, 2017]
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section 3
of Section 143 of the Companies Act, 2013 (“the Act”)
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[GCTGPFGF/CTEJYGJCXGCWFKVGFVJGKPVGTPCNƒPCPEKCNEQPVTQNUQXGTƒPCPEKCNTGRQTVKPIQHVJG)TQWRCPFKVU
associate company, which are companies incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Group and its associate company, which are companies incorporated in India, are
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criteria established by the Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
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to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors,
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required under the Companies Act, 2013.
Auditors’ Responsibility
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audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
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that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
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effectively in all material respects.

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a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on
the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
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We believe that the audit evidence we have obtained and the audit evidence obtained by other auditors in terms of their
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Meaning of Internal Financial Controls Over Financial Reporting
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policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
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principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of
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statements.

292
Inherent Limitations of Internal Financial Controls Over Financial Reporting
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or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
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or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Group and its associate company, which are companies incorporated in India, have, in all material
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criteria established by the Group and its associate considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
Other Matters
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incorporated in India, is based on the corresponding report of the auditors of such companies incorporated in India.

For Haribhakti & Co. LLP

Chartered Accountants
ICAI Firm Registration No.103523W / W100048
Sd/-
Snehal Shah
Date : May 24, 2017 2CTVPGT
2NCEG Jalgaon /GODGTUJKR0Q

293
 Jain Irrigation Systems Ltd.

Consolidated
st
Balance Sheet
As at 31 March 2017 (All amount in ` Million, unless otherwise stated)
Notes 31-Mar-2017 31-Mar-2016 1-Apr-2015
ASSETS
Non-current assets
Property, plant and equipment (net) 3 43,571.87 44,351.42 44,478.59
Capital work-in-progress 3 642.15 603.76 525.90
Other intangible assets 4 754.75 535.26 550.25
Goodwill on consolidation 4 3,447.94 3,440.32 3,387.89
Investment property 5 256.93 - -
Equity accounted investees 39[e] 789.00 678.92 646.99
Financial assets
(i) Investments 6[a] 22.23 28.36 25.40
(ii) Loans 6[e] 43.87 - -
(iii) Other financial assets 6[f] 1,351.66 1,461.68 1,353.68
Other non-current assets 7 998.27 825.57 896.38
Deferred tax assets (net) 8 1,488.51 1,616.96 1,372.98
Income tax assets (net) 9 389.37 440.15 353.53
Total non-current assets 53,756.55 53,982.40 53,591.59
Current assets
Inventories 10 22,580.73 18,750.00 18,295.33
Biological assets 11 615.66 314.07 349.61
Financial assets
(i) Investments 6[b] - 350.00 -
(ii) Trade receivables 6[c] 22,821.48 21,742.71 19,395.34
(iii) Cash and cash equivalents 6[d] 1,111.20 3,757.87 2,998.45
(iv) Bank balances other than (iii) above 6[d] 1,549.59 37.20 40.24
(v) Loans 6[e] 256.40 198.35 212.20
(iv) Other financial assets 6[f] 537.46 573.94 731.59
Other current assets 7 8,325.77 8,077.86 7,853.65
Total current assets 57,798.29 53,802.00 49,876.41
Total Assets 111,554.84 107,784.40 103,468.00
EQUITY AND LIABILITIES
EQUITY
Equity share capital 12 958.92 953.03 924.83
Other equity 13 40,618.69 39,689.64 34,752.62
Equity attributable to owners of JISL 41,577.61 40,642.67 35,677.45
Non-controlling interests 1,089.03 1,024.95 -
Total Equity 42,666.64 41,667.62 35,677.45
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 14(a) 22,198.97 16,197.75 16,569.90
(ii) Other financial liabilities 14(d) 999.93 1,160.70 1,356.76
Provisions 15 269.06 92.19 87.12
Deferred tax liabilities (net) 17 4,881.95 4,803.22 4,486.85
Total non-current liabilities 28,349.91 22,253.86 22,500.63
Current liabilities
Financial liabilities
(i) Borrowings 14(b) 12,347.77 21,315.28 23,141.36
(ii) Trade payables 14(c) 15,380.24 13,404.90 13,549.49
(iii) Other financial liabilities 14(d) 8,232.08 5,901.12 5,400.94
Provisions 15 253.88 216.00 187.53
Income tax liabilities 16 167.73 86.47 63.08
Other current liabilities 18 4,156.59 2,939.15 2,947.52
Total current liabilities 40,538.29 43,862.92 45,289.92
Total liabilities 68,888.20 66,116.78 67,790.55
TOTAL EQUITY AND LIABILITIES 111,554.84 107,784.40 103,468.00
Significant Accounting Policies 2
The accompanying notes are an integral part of these financial statements (1 to 47)
For Haribhakti & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number: 103523W/W100048
Sd/- Sd/- Sd/- Sd/- Sd/-
Snehal Shah Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Partner Company Secretary Managing Director Director CFO
Membership No: 048539 & CEO
Date : May 24, 2017 DIN 00053035 DIN 01807011
Place : Jalgaon

294
Statement of Consolidated
st
Profit and Loss
For the Year Ended at 31 March 2017 (All amount in ` Million, unless otherwise stated)
Notes 31-Mar-17 31-Mar-16
INCOME
Revenue from operations 19 69,393.17 64,864.58
Other income 20 612.01 332.84
Total income 70,005.18 65,197.42
EXPENSES
Cost of materials consumed 21 39,668.42 35,530.27
Change in inventories of finished goods and work in progress 22 (3,721.58) (639.95)
Excise duty on sales 1,695.34 1,642.20
Employee benefits expense 23 7,382.94 6,664.04
Finance costs 26 4,593.51 4,910.11
Depreciation and amortisation expense 24 3,013.75 2,970.40
Other expenses 25 14,965.79 13,484.99
Total expenses 67,598.17 64,562.06
Profit / (loss) from continuing operation before share of 2,407.01 635.36
profit of equity accounted investees and income tax
Share of profit of equity accounted investees (net of income tax) 39[e] 22.63 31.94
Profit / (loss) from continuing operation before tax 2,429.64 667.30
Income tax expense
Current tax 27 415.28 46.13
Deferred tax 27 251.98 134.36
Total tax expense 667.26 180.49
Profit / (loss) for the year 1,762.38 486.81
Other comprehensive income
(i) Items that will not be reclassified to profit or loss
- Remeasurements of defined benefit obligations gains / (loss) (132.41) 7.19
- Income tax relating to the above items 27 45.82 (2.49)
(ii) Items that will be reclassified to profit or loss
- Exchange differences on translation of foreign operations (735.56) (346.70)
Other comprehensive income for the year, net of tax (822.15) (342.00)
Total comprehensive income for the year 940.23 144.81
Profit attributable to:
Owners of equity 1,694.72 483.96
Non-controlling interest 67.66 2.85
1,762.38 486.81
Total comprehensive income attributable to
Owners of equity 875.15 141.96
Non-controlling interest 65.08 2.85
940.23 144.81
Earning per equity share of ` 2 each (PY ` 2 each)
Basic 29 3.29 1.05
Diluted 29 3.29 1.05
Significant accounting policies 2
The accompanying notes are an integral part of these financial statements (1 to 47)

For Haribhakti & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number: 103523W/W100048
Sd/- Sd/- Sd/- Sd/- Sd/-
Snehal Shah Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Partner Company Secretary Managing Director Director CFO
Membership No: 048539 & CEO

Date : May 24, 2017 DIN 00053035 DIN 01807011

Place : Jalgaon

295
 Jain Irrigation Systems Ltd.

Consolidated Cash Flow Statement

For the Year Ended at 31st March 2017
(All amount in ` Million, unless otherwise stated)
31-Mar-17 31-Mar-16
CASH FLOW FROM OPERATING ACTIVITIES:
Profit / (loss) before tax, share of profit in associate 2,407.01 635.36
Adjustments for:
Depreciation and amortisation expense 3,013.75 2,970.40
Amount written off and Provisions 703.99 638.37
Unrealized forex exchange gain / loss 214.10 (154.48)
Loss/ (Profit) on asset sale/ discard of property, plant and 46.22 (36.06)
equipment (net)
Loss/ (Profit) on sale of investments (net) (21.07) (0.14)
Finance cost 4,593.51 4,910.11
Provision for doubtful debts and advances written back (362.34) (96.42)
Provision for gratuity 149.53 34.03
Provision for leave encashment 65.22 -
Sundry credit balance appropriated (3.72) (14.55)
Dividend and Interest Income (94.43) (188.15)
Change in fair value of biological assets (161.98) 32.84
Fair value changes of derivatives 176.94 21.75
Fair value changes of embedded derivatives 54.39 (107.92)
Fair vale changes of investments (1.08) (0.57)
Operating profit before working capital changes 10,780.04 8,644.57
Adjustments for changes in working capital:
(Increase) / Decrease in trade receivables (1,047.66) (2,505.44)
(Increase) / Decrease in inventories and biological assets (3,921.63) (450.84)
(Increase) / Decrease in loans and other financial assets (19.32) 117.40
(Increase) / Decrease in other assets (1,525.50) (884.05)
Increase / (Decrease) in trade payables 1,880.18 (151.51)
Increase / (Decrease) in other financial liabilities (186.04) (220.59)
Increase / (Decrease) in other liabilities 1,060.24 (37.43)
Cash generated from operations 7,020.31 4,512.11
Income tax paid (282.22) (108.37)
Net cash from generated operating activities 6,738.09 4,403.74

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (3,054.21) (2,590.87)
Sale of property, plant and equipment 52.73 45.82
Purchase of investments - (382.69)
Sale of investments 378.28 -
Investment in subsidiary companies (133.16) (0.10)
Maturity of fixed deposits placed (1,487.31) (16.57)
Interest & dividend received 74.54 189.97
Net cash (used in) investing activities (4,169.13) (2,754.44)

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds by way of issue of equity shares (net) 152.97 1,202.10
Investment by minority shareholder - 2,402.74
Proceeds from term loan borrowings 17,221.77 5,525.18
Repayment towards term loans Borrowings (8,770.78) (2,974.33)

296
 (All amount in ` Million, unless otherwise stated)
31-Mar-17 31-Mar-16
Increase/(decrease) in working capital borrowings (net) (8,967.51) (1,827.48)
Interest and finance charges paid (4,547.05) (4,944.44)
Dividend and dividend distribution tax paid (288.93) (277.34)
Net cash (used in) financing activities (5,199.53) (893.57)

Net Increase/(Decrease) in cash and cash equivalents (2,630.57) 755.73

Cash and cash equivalents as at the beginning of the year 3,741.77 2,986.04
Cash and cash equivalents as at the end of the year 1,111.20 3,741.77
Cash and cash equivalents includes:
Cash and cash equivalents
Cash on hand 72.29 50.25
Bank balances
- In current accounts 1,036.12 2,706.23
Fixed deposits (having maturity value less than 3 months) 2.79 1,001.39
Sub-total 1,111.20 3,757.87
Overdrawn bank balances (considered as cash and cash - (16.10)
equivalents for cash flow)
1,111.20 3,741.77

Significant accounting policies 2

The accompanying notes are an integral part of these financial statements (1 to 47)

Explanatory notes to Statements of Cash Flows

1) Statement of Cash-flows is prepared in accordance with the format prescribed by Securities & Exchange Board of India
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is furnished under the head “Unrealized forex exchange (gain) / loss”

For Haribhakti & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number: 103523W/W100048

Sd/- Sd/- Sd/- Sd/- Sd/-

Snehal Shah Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Partner Company Secretary Managing Director & CEO Director CFO
Membership No: 048539 DIN 00053035 DIN 01807011

Date : May 24, 2017

Place : Jalgaon

297
298
(All amount in ` Million, unless otherwise stated)
Statement of Change in Equity
For the Year Ended at 31st March 2017
A) Equity Share Capital
Notes Amount
As at April 1, 2015 924.83
Changes in equity share capital during the year 12 28.20
Jain Irrigation Systems Ltd.

As at March 31, 2016 953.03

Changes in equity share capital during the year 12 5.89
As at March 31, 2017 958.92

B) Other Equity
Attributable to owners Total Non Total
Equity Reserves and Surplus Foreign Foreign Other Control-
component Capital Securities Capital General Retained Share Currency currency equity ling
of reserve premium redemp- Reserve Earnings based Translation monetary Interest
Particulars convertable Reserve items
reserve tion payment
debentures reserve reserve translation
difference
account

Balance as at April 1, 2015 - 743.91 10,572.82 896.72 2,085.94 20,423.64 29.59 - 34,752.62 - 34,752.62
Profit for the year - - - - - 483.96 - - - 483.96 2.85 486.81
Other comprehensive income - - - - - 4.70 - (346.70) - (342.00) - (342.00)
Total comprehensive income for the year - - - - - 488.66 - (346.70) - 141.96 2.85 144.81
Movement of foreign exchange gain /
- - - - - - - - (203.08) (203.08) - (203.08)
loss during the year
Transactions with owners of Company
- Cash dividends (including dividend
13(b)(v) - - - - - (278.27) - - - (278.27) - (278.27)
distribution tax)
- Transfer to general reserve 13(b)(v) - - - - 26.38 (26.38) - - - - - -
- Transactions with Non Controlling
- 1,381.55 - - - - - - 1,381.55 1,032.20 2,413.75
interest
- On issue of 14,100,000 equity
13(a)(iii) - - 1,099.80 - - - - - - 1,099.80 - 1,099.80
shares of ` 80 each
- On issue of 36,200,000 Compulsory
13(b)(iii) 2,720.96 - - - - - - - - 2,720.96 - 2,720.96
convertible debentures of ` 80 each
- On issue of Compulsory Convertible
13(b)(iii) - - 74.10 - - - - - - 74.10 - 74.10
Debentures
 (All amount in ` Million, unless otherwise stated)

Attributable to owners Total Non Total

Equity Reserves and Surplus Foreign Foreign Other Control-
component Capital Securities Capital General Retained Share Currency currency equity ling
of reserve premium redemp- Reserve Earnings based Translation monetary Interest
Particulars convertable Reserve items
reserve tion payment
debentures reserve reserve translation
difference
account

- Non Controlling interest on

- - - - - - - - - (10.10) (10.10)
acquisition of subsidiary
Balance at March 31, 2016 2,720.96 2,125.46 11,746.72 896.72 2,112.32 20,607.65 29.59 (346.70) (203.08) 39,689.64 1,024.95 40,714.59
Profit for the year 1,694.72 1,694.72 67.66 1,762.38
Other comprehensive income 13(b)(ii) - - - - - (86.59) - (735.56) - (822.15) - (822.15)
Transaction with non controlling
13(b)(ii) - - - - - 1.92 - 0.66 - 2.58 (2.58) -
interest
Total comprehensive income for the year - - - - - 1,610.05 - (734.90) - 875.15 65.08 940.23
Movement of foreign exchange gain /
- - - - - - - - 108.33 108.33 - 108.33
loss during the year
Transactions with owners of Company
- On Consolidation 13(a)(i) - 88.18 - - - - - - - 88.18 - 88.18
- Cash dividends (including dividend
- - - - - (289.69) - - - (289.69) - (289.69)
distribution tax)
- On issue of 2,946,075 equity shares
13(a)(iii) - - 183.98 - - - - - - 183.98 - 183.98
of `54.40 each
- On exercise of Equity share based
13(a)(iv) - - - - - - (29.59) - - (29.59) - (29.59)
options
- Share issue expenses 13(a)(iii) - - (7.31) - - - - - - (7.31) (1.00) (8.31)
Balance at March 31, 2017 2,720.96 2,213.64 11,923.39 896.72 2,112.32 21,928.01 - (1,081.60) (94.75) 40,618.69 1,089.03 41,707.72

For Haribhakti & Co. LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number: 103523W/W100048

Sd/- Sd/- Sd/- Sd/- Sd/-

Snehal Shah Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Partner Company Secretary Managing Director & CEO Director CFO
Membership No: 048539 DIN 00053035 DIN 01807011

Date : May 24, 2017

Place : Jalgaon

299
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Notes to the Consolidated Financial Statements

For the Year Ended at 31st March 2017
1) COMPANY OVERVIEW
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motto ‘Small Ideas, Big Revolutions’ with more than 10,500+ associates worldwide and revenue of ˜USD 1 Billion, is an
Indian multinational company with manufacturing plants across the globe. The Company and its subsidiaries (collectively
referred to as “Group”) are engaged in providing solutions in agriculture, piping, infrastructure through manufacturing of
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approach to water security and food security. JISL is early pioneer for Internet of Things (IOT) in the agri-sector and is
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2) SIGNIFICANT ACCOUNTING POLICIES

2.1)Basis of preparation
(i) Statement of compliance
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Companies Act, 2013 (the ‘Act’ ) and the other relevant provisions of the Act and Rules thereunder.
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Ind AS, hence Ind AS 101, First time adoption of Indian Accounting Standards has been applied. Refer note 38 for an
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performance and cash flows.
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meeting held on 24th May 2017.

(ii) Functional and presentation currency

The Group’s presentation and functional currency is Indian Rupee (`#NNƒIWTGUCRRGCTKPIKPVJGƒPCPEKCNUVCVGOGPVU
are rounded to the nearest million, except where otherwise indicated.
(iii)Basis of measurement
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(iv)Use of estimates and judgments
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accounting estimates and assumptions. It also requires management to exercise judgement in the process of applying
accounting policies. Actual results could differ from those estimates. These estimates, judgements, assumptions
affect application of the accounting policies and the reported amounts of assets, liabilities, revenue, expenditure,
contingent liabilities etc.
The estimates and underlying assumptions are reviewed on an ongoing basis and changes are made as management
becomes aware of changes in the circumstances surrounding the estimates. They are based on historical experience
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300
 (All amount in ` Million, unless otherwise stated)
statements in the period in which the estimate is revised if the revision affects only that period or in the period of the
revision and future periods if the revision affects both current and future periods.
Detailed information about each of these estimates and judgments is included in relevant notes together with
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The areas involving critical estimates or judgments are:
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Revenue recognition
2.2)Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to,
variable returns form its involvement with the entity and has the ability to affect those returns through its power over
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date on which control commences until the date on which control ceases.

(ii) Non-controlling interests (NCI)

The non-controlling interests comprise the portion of equity of subsidiaries that are not owned, directly or indirectly,
by the Group.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the consolidated statement
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The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either
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Changes in the Group’s equity interest in a subsidiary that do not result in a loss of control are accounted for as equity
transactions.
(iii)Loss of control
When a Group loses control over a subsidiary, it derecognises the assets and the liabilities of the subsidiaries, and any
NCI and other components of equity. Any interest retained in the former subsidiary is measured at fair value at the
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(iv)Equity accounted investees

The Group’s interests in equity accounted investees comprise interests in associates and joint ventures.
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and operating policies. A joint venture is an arrangement, rather than rights of its assets and obligation for its liabilities.
Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at
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or joint control ceases.
(v) Transactions eliminated on consolidation
Intra-group balance and transactions, and any unrealized income and expenses arising from intra-group transactions,
are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against
the investment to the extent of Group’s interest in the investee. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence of impairment.

(vi)Business combinations
As part of its transition to Ind AS, the Group has elected to apply the relevant Ind AS 103, Business combinations, to
only those business combinations that occurred on or after 1 April 2015. In respect of business combinations prior
to 1 April 2015, Goodwill represents the amount recognised under the Group’s previous accounting framework under
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In accordance with Ind AS 103, Group accounts for the business combinations using the acquisition method when
control is transferred to the Group. The consideration transferred for the business combination is generally measured
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goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in OCI and
accumulated in equity as capital reserve if there exists clear evidence of the underlying reasons for classifying the
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301
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

capital reserve. Transaction costs are expensed as incurred, except to the extent related to the issue of debt or equity
securities.
The consideration transferred does not include amount related to the settlement of pre-existing relationship with the
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Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent
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subsequently and settlement is accounted for within equity. Other contingent consideration is remeasured at fair value
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If a business combination is achieved in stages, any previously held equity interest in the acquiree is re-measured at
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Business combinations arising from transfers of interests in entities that are under the control of the shareholder
that controls the group (referred as common control business combinations) are accounted for using the pooling
of interest method. The assets and liabilities acquired are recognised at their carrying amounts. The identity of the
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the amount of share capital of the acquired entity is transferred to capital reserve.
2.3) Current versus non-current classification:
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a) Expected to be realized or intended to sold or consumed in normal operating cycle,
b) Held primarily for the purpose of trade,
c) Expected to be realized on demand or within twelve months after the reporting period, or
d) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting date.
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a) it is expected to be settled in normal operating cycle,
b) it is held primarily for the purpose of trading,
c) it is due to be settled on demand or within twelve months after the reporting period, and
d) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
date.
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assets and liabilities.
2.4) Segment reporting
For the purposes of presenting segment information, the activities of the Group are divided into operating segments
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is used internally to manage and report on performance and takes account of the organisational structure of the
Group based on the various products and services of the reportable segments. The accounting principles used in
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2.5) Foreign currencies
(i) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are
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qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. A monetary
item for which settlement is neither planned nor likely to occur in the foreseeable future is considered as a part of the
entity’s net investment in that foreign operation.
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income and expenses accordingly.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at
the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are
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302
 (All amount in ` Million, unless otherwise stated)
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are recognised in other comprehensive income.
Foreign exchange differences on long term foreign currency monetary items relating to acquisition of depreciable
assets are adjusted to the carrying cost of the assets and depreciated over the balance life of the asset and in
other cases, if any, accumulated in “Foreign currency Monetary Item Translation Difference Account” (“FCMITDA”) and
amortised over the balance period of the asset or liability.
The Group has chosen to continue the policy adopted for accounting for exchange differences arising from
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by Ind AS.
(ii) Foreign operations
The assets and liabilities of foreign operations (subsidiaries, associates and joint ventures) including goodwill and
fair value adjustments arising on acquisition, are translated into INR, the functional currency of the Company, at the
exchange rates at the reporting date. The income and expenses of the foreign operations are translated into INR at
the exchange rates at the dates of the transactions or an average rate, if the average rate approximates the actual rate
at the date of the transaction.
In accordance with Ind AS 101, the Group has elected to deem foreign currency translation differences that arose
prior to the date of transition i.e., 1st April 2015, in respect of all foreign operations to be nil at the date of transition.
From 1 April 2015 onwards, such exchange differences are recognised in OCI and accumulated in equity (as exchange
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differences are allocated to NCI.
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control is lost, the cumulative amount of exchange differences related to that foreign operation recognised in OCI is
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subsidiary but retains control, then the relevant portion of the cumulative amount is re-allocated to NCI. When the
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2.6) Revenue
Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are
inclusive of excise duty and net of returns, trade allowances, rebates, value added taxes and amounts collected on
behalf of third parties.
The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future
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described below. The Group bases its estimates on historical results, taking into consideration the type of customer,
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(i) Sale of goods
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recovery of the consideration is probable, the associated costs and possible return of goods can be estimated
reliably, there is no continuing management involvement with the goods and the amount of revenue can be
measured reliably. Revenue is measured net of returns, trade discounts and volume rebates. The timing of the
transfer of risks and rewards varies depending on the individual terms of the sales contract.

(ii) Rendering of services

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of completion of the transaction at the reporting date and are measured net of sales tax, works contract tax and
service tax.

(iii)Contract revenue
Contract revenue is recognised only to the extent of cost incurred till such time the outcome of the job cannot be
ascertained reliably. When the outcome of the contract is ascertained reliably contract revenue is recognised at
cost of work performed on the contract plus proportionate margin, using the percentage of completion method.
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costs. The estimates of cost and progress of contracts are measured at each reporting date by the management.
The effect of such changes to estimates is recognized in the period in which such changes are determined.
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completion of the contract and includes cost of materials, services, and other related overheads. Any projected
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303
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

(iv)Interest income
Interest income from debt instruments is recognised using the EIR method or proportionate basis. The effective
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the
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(for example, prepayment, extension, call and similar options) but does not consider the expected credit losses.

(v) Dividend income

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dividend can be measured reliably.
2.7) Government Grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant
will be received and the Group will comply with all attached conditions.
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necessary to match them with the costs that they are intended to compensate and presented within other income.
Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as
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related assets and presented within other income.
2.8) Income Tax
The income tax expense or credit for the period is the tax payable on the current year’s taxable income based on
the applicable income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
reporting date. Current tax comprises of expected tax payable or receivable on taxable income/loss for the year
or any adjustment or receivable in respect of previous year. Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the balance sheet method, on temporary differences arising between
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liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is determined
using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting date and are
expected to apply to the Group when the related deferred income tax asset is realised or the deferred income tax
liability is settled.
Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax
credits (Minimum alternate tax credit entitlement) only if it is probable that future taxable amounts will be available
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recognised, are reviewed at each reporting date and are recognised / reduced to the extent that it is probable or no
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Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax
liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis,
or to realise the asset and settle the liability simultaneously.
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recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity, respectively.
2.9) Leases
At the inception of an arrangement, the Group determines whether the arrangement is or contains a lease. At the
inception or on reassessment of an arrangement that contains a lease, the Group separates payments and other
consideration required by the arrangement into those for the lease and those for the other elements on the basis of
their relative fair values.
Leases of property, plant and equipment where the Group, as lessee, has substantially all the risks and rewards of
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of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental
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and Loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the
liability.

304
 (All amount in ` Million, unless otherwise stated)
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the period of the lease unless the payments are structured to increase in line with expected general inflation to
compensate for the lessor’s expected inflationary cost increases.
2.10) Impairment of non-financial assets
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for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other
assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal
and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there
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QHCUUGVU
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for possible reversal of the impairment at the end of each reporting year.
2.11) Cash and cash equivalents
Cash and cash equivalents in the Balance sheet include cash on hand, cheques on hand, deposits held at call with
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For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents includes cash on hand,
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risk of changes in value, and bank overdrafts.
2.12) Cash Flows
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transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments
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2.13) Inventories
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latter being allocated on the basis of normal operating capacity. Cost of inventories also include all other costs incurred in
bringing the inventories to their present location and condition. Costs are assigned to individual items of inventory arrived
on weighted average basis. Costs of purchased inventory are determined after deducting rebates and discounts. Net
realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and
the estimated costs necessary to make the sale.
Materials in transit are valued at cost to date. Finished goods at factory premises and depots are valued at inclusive of
excise duty.
2.14) Financial assets
(i) Recognition and initial measurement
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(ii) Classification and subsequent measurement

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Debt instruments at amortised cost

A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met:
The asset is held within a business model whose objective is
To hold assets for collecting contractual cash flows, and
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522+QPVJGRTKPEKRCNCOQWPVQWVUVCPFKPI

305
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

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interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium and fees
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Debt instruments at Fair value through Other Comprehensive Income (FVOCI)
A ‘debt instrument’ is measured at the fair value through Other Comprehensive Income if both the following
conditions are met:
The asset is held within a business model whose objective is achieved by both
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outstanding.
After initial measurement, these assets are subsequently measured at fair value. Interest income under effective
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and Loss. Other net gains and losses are recognised in other comprehensive Income.

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(862.
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any fair value changes including any interest income, foreign exchange gain and losses, impairment losses and other
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Equity investments
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is made on initial recognition and is irrevocable.
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recognized in Other Comprehensive Income (OCI). Dividends on such equity instruments are recognised in the
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Loss.

(iii)De-recognition
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primarily derecognised when the rights to receive cash flows from the asset have expired, or the Group has transferred
its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
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the Group has transferred substantially all the risks and rewards of the asset, or
the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
On de-recognition, any gains or losses on all debt instruments (other than debt instruments measured at FVOCI) and
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de-recognition. Gains or losses on equity instruments measured at FVOCI that are recognised and accumulated in
1%+CTGPQVTGENCUUKƒGFVQRTQƒVQTNQUUQPFGTGEQIPKVKQP

(iv)Impairment of financial assets

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recognition of the asset or asset is determined to have a low credit risk at the reporting date.
2.15)Financial Liabilities
(i) Recognition and initial measurement
Financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the
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loss, transaction costs that are directly attributable to its acquisition or issue.

306
 (All amount in ` Million, unless otherwise stated)

(ii) Subsequent measurement

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(862.  
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(862.KHKVKUENCUUKƒGFCUJGNFHQTVTCFKPIQTKU
FGUKIPCVGFCUUWEJQPKPKVKCNTGEQIPKVKQP(KPCPEKCNNKCDKNKVKGUCV(862.CTGOGCUWTGFCVHCKTXCNWGCPFEJCPIGUVJGTGKP
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Financial Liabilities at amortised cost
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at amortised cost using the EIR method.
Amortised cost is calculated by taking into account any discount or premium and fees or costs that are an integral
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and Loss.

(iii)De-recognition
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of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is
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2.16) Compound financial instruments
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with changes in fair value.
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that does not have an equity conversion option. The equity component is initially recognised at the difference between
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attributable transaction costs are allocated to liability and equity components in proportion to their initial carrying
amounts.
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subsequently.
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2.17) Derivatives and hedging activities
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mitigate risk of changes in exchange and interest rates. The counterparty for these contracts is generally banks.
(i) Cash flow hedges that qualify for hedge accounting:
The Group designates their derivatives as hedges of foreign exchange risk associated with the cash flows of highly
probable forecast transactions and variable interest rate risk associated with borrowings (cash flow hedges).
The Group documents at the inception of the hedging transaction the economic relationship between hedging
instruments and hedged items including whether the hedging instrument is expected to offset changes in cash
flows of hedged items.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow
hedges is recognised in the other comprehensive income in cash flow hedging reserve within equity, limited to the
cumulative change in fair value of the hedged item on a present value basis from the inception of the hedge. The
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other income / expenses.
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When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge
accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in
equity until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the
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maturity of the hedged item is less than 12 months.

307
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

(ii) Derivatives that are not designated as hedges

The Group enters into certain derivative contracts to hedge risks which are not designated as hedges. Such
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Assets/liabilities are presented as current assets/current liabilities if they are either held for trading or are expected
to be realized within 12 months after the balance sheet date.

(iii)Embedded derivatives
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assets with embedded derivatives are considered in their entirety when determining whether their cash flows are
solely payment of principal and interest.
Derivatives embedded in all other host contracts are separated only if the economic characteristics and risks
of the embedded derivative are not closely related to the economic characteristics and risks of the host and are
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separated.
Embedded foreign currency derivatives
Embedded foreign currency derivatives are not separated from the host contract if they are closely related. Such
embedded derivatives are closely related to the host contract, if the host contract is not leveraged, does not contain
any option feature and requires payments in one of the following currencies:
- the functional currency of any substantial party to that contract,
- the currency in which the price of the related good or service that is acquired or delivered is routinely denominated
in commercial transactions around the world,
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in which the transaction takes place (i.e. relatively liquid and stable currency).
Foreign currency embedded derivatives which do not meet the above criteria are separated and the derivative is
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2.18) Offsetting of financial instruments
Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there is a legally
enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the
asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and
must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the
Group or the counterparty.
2.19) Property, plant and equipment
(i) Recognition and measurement
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refundable purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the
item to its working condition for its intended use and estimated attributable costs of dismantling and removing the
item and restoring the site on which it is located.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
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of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is
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during the reporting period in which they are incurred.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount
is greater than its estimated recoverable amount. Any gain or loss on disposal of an item of property, plant and
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Transition to Ind AS
On transition to Ind AS, the Group has opted to consider the fair value of land and buildings (including greenhouse
etc.) as on the date of transition i.e. April 1, 2015 as deemed cost. All other items of property, plant and equipment
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(ii) Depreciation methods, estimated useful lives and residual value
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assets taking into consideration their estimated residual values. All the assets have been provided depreciation based
on life of assets in line with rates prescribed in Schedule II to the Act on Straight Line Method except green house,
shades and poly houses depreciated at 10% and screw barrels are depreciated at 12.50% and 25% per annum. The
Management believes that depreciation rates currently used fairly reflect its estimate of the useful lives and residual
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308
 (All amount in ` Million, unless otherwise stated)
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Depreciation on additions to assets or on sale / disposal of assets is calculated from the beginning of the month of
such addition or up to the month of such sale / scrapped, as the case may be. Leasehold land is amortised over the
period of lease.
The following table represents the useful lives of the fixed assets:
Class of asset Life of the asset
Buildings 5 - 60 years
Green / poly houses 10 years
Plant and equipment 4 - 22 years
Furniture and fixtures 10 years
Office equipment 5 years
Vehicles 6 - 10 years
Orchards (Bearer plants) 15 years
Leasehold land Lease period or useful life whichever is lower
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period.
2.20) Investment Property
Investment property is property (land or a building or part of a building or both) held either to earn rental income or
for capital appreciation or for both, but neither for sale in the ordinary course of business nor used in production or
supply of goods or services or for administrative purposes. Investment properties are stated at cost net of accumulated
depreciation and accumulated impairment losses, if any.
Any gain or loss on disposal of investment property calculated as the difference between the net proceeds from disposal
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expenses.

Depreciation on investment properties is provided on a pro rata basis using straight line method over the estimated
useful lives of the investment property taking into consideration their estimated residual values. These assets have been
provided depreciation based on life of assets in line with life prescribed in Schedule II to the Act, which is 30 years. The
Management believes that depreciation rates currently used fairly reflect its estimate of the useful lives and residual
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2.21) Intangible assets

(i) Recognition and measurement
Separately acquired intangible assets are stated initially at acquisition cost. Intangible assets such as patents, technical
know-how, and non-compete acquired in a business combination are recognised at fair value at the acquisition date.
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losses, if any.
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recognised as intangible assets if, and only if, technical and commercial feasibility of the project is demonstrated,
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and the costs can be measured reliably.
Directly attributable costs that are capitalised as part of the product development costs include employee costs
and an appropriate portion of relevant overheads. Capitalised product development costs are recorded as intangible
assets and amortised from the useful life as estimated by the management.
Research expenditure and development expenditure that do not meet the criteria as given above are recognised as
an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a
subsequent period.
(ii) Amortisation methods and periods
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periods:
Class of asset Life of the asset
Computer software 6 years
Technical know-how 5 years
Non-compete fees 10 years
Trademarks 10 years

309
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Class of asset Life of the asset

Patents 20 years
Product development costs 10 years
Water rights 10 years
Transition to Ind AS
On transition to Ind AS, the carrying value of all of intangible assets have been restated applying Ind AS 38, Intangible
assets retrospectively.
2.22) Bearer plants and biological assets
(i) Orchards
The Group is engaged into orchard activities. The Orchards are regarded as bearer plant and presented as property,
plant and equipment. The orchards are recognised at historical cost less depreciation. Depreciation is calculated
using the straight-line method to allocate their cost, net of their residual values, over a period of 15 years commencing
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are accounted for as biological assets until the point of harvest. Harvested fruits are transferred to inventory at fair
value less costs to sell when harvested.
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harvesting period is 6 years.
(ii) Tissue culture plants
The Group sells tissue cultures plants of banana, strawberry and pomegranate & others to its customers. Tissue
culture is a process where, propagation of a plant by using a plant part or single cell or group cell is done in a test
tube under very controlled and hygienic conditions. Tissue culture primarily involves initiation of aseptic cultures
from shoot-tips obtained from mother plants, multiplication of the shoots to the desired scale, induction of roots to
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The aseptic cultures which are planted in test tubes in a controlled environment, which would be sold subsequently
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completion of secondary hardening stage are transferred to inventory at fair value less costs to sell.
Costs to sell include the incremental selling costs, including fees, commission paid to brokers and dealers and
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maintenance and poly-house maintenance expenses are expensed as incurred.
The fair value of aspetic cultures in laboratory, primary hardening and secondary hardening plants is determined
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market price for tissue cultured plants after allowing for plantation maintenance costs and other costs yet to be
incurred in getting the tissue plantations to maturity.
2.23) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured
at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
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Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is
probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs.

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another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised
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liability for at least 12 months after the reporting period.

2.24) Borrowing costs

Borrowing costs consist of interest and transactions costs incurred in connection with the borrowing of funds. Borrowing
costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset that necessarily
takes a substantial period of time to get ready for its intended use) are capitalized as a part of the cost of such assets.
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310
 (All amount in ` Million, unless otherwise stated)
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qualifying assets is deducted from the borrowing costs eligible for capitalisation.
2.25) Provisions and contingent liabilities
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NGICNQTEQPUVTWEVKXGCUCTGUWNVQHCRCUVGXGPVKVKU
RTQDCDNGVJCVCPQWVHNQYQHTGUQWTEGUGODQF[KPIGEQPQOKEDGPGƒVUYKNNDGTGSWKTGFVQUGVVNGVJGQDNKICVKQPCPFC
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future cash flows (representing the best estimate of the expenditure required to settle the present obligation at the
balance sheet date) at a pre-tax rate that reflects current market assessments of the time value of money and the
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within the control of the Group, or present obligations where it is not probable that an outflow of resources will be
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outflow of economic resources is considered remote.
2.26) Employee Benefits
(i) Short-term obligations
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months after the end of the period in which the employees render the related service are recognised in respect of
employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when
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(ii) Other long-term employee benefit obligations
The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of
the period in which the employees render the related service. They are therefore measured as the present value of
expected future payments to be made in respect of services provided by employees up to the end of the reporting
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reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of
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The obligations are presented as current liabilities in the Balance Sheet if the Group does not have an unconditional
right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement
is expected to occur.
(iii)Post-employment obligations
The Group operates the following post-employment schemes:

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obligation is calculated annually by actuaries using the projected unit credit method.
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future cash outflows by reference to market yields at the end of the reporting period on government bonds that have
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than INR, the cash flows are discounted using market yields determined by reference to high-quality corporate bonds
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terms of the related obligation.
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Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the year in which they occur, directly in other comprehensive income. They are included in retained
earnings in the statement of changes in equity and in the Balance Sheet.
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&GƒPGFEQPVTKDWVKQPRNCP
The Group pays provident fund contributions to publicly administered provident funds as per local regulations. The
Group has no further payment obligations once the contributions have been paid. The contributions are accounted
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payments is available.

311
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

(iv)Share-based payments
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expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the
fair value of the options granted:
including any market performance conditions (e.g., the entity’s share price)
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including the impact of any non-vesting conditions (e.g. the requirement for employees to save or holdings shares
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are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision
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(v) Bonus plans
The Group recognises a liability and an expense for bonuses. The Group recognises a provision where contractually
obliged or where there is a past practice that has created a constructive obligation.
(vi)Termination benefits
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and (b) when the Group recognises costs for a restructuring that is within the scope of Ind AS 37 and involves the
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than 12 months after the end of the reporting period are discounted to present value.
2.27)Dividends
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discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting
period.

2.28) Earnings per share

(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
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elements in equity shares issued during the year.

(ii) Diluted earnings per share

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account:
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and
the weighted average number of additional equity shares that would have been outstanding assuming the
conversion of all dilutive potential equity shares.

312
 3) PROPERTY, PLANT AND EQUIPMENT (All amount in ` Million, unless otherwise stated)
Free hold Lease Factory Green/ Plant and Furniture Vehicles Office Orchard Leasehold Total Capital Work
land hold land buildings poly/ shed equipment’s and (i) equipments activities improvements In Progress
[4] (i) and houses [3] & (i) fixtures
godowns [4]
[1],[2] & [4]

YEAR ENDED MARCH 31, 2016

Gross Carrying Amount
Cost / deemed cost as at April 1, 2015 16,606.71 5.06 9,738.27 183.14 29,908.65 554.25 564.22 362.09 251.54 609.64 58,783.57 525.90
Exchange Difference 44.84 - (21.82) - (29.51) (2.39) (27.31) (54.54) - (40.63) (131.36) 24.05
Additions 102.10 - 329.21 42.56 1,895.48 28.30 31.94 11.63 - 35.86 2,477.08 1,539.26
Capitalised during the year - - - - - - - - - - - (1,485.45)
Disposals / adjustments - - (20.97) - (57.39) - (0.41) - - - (78.77)
At March 31, 2016 16,753.65 5.06 10,024.69 225.70 31,717.23 580.16 568.44 319.18 251.54 604.87 61,050.52 603.76
Accumulated depreciation and
impairment, if any
As at April 1, 2015 - - 212.59 0.01 12,670.71 457.68 370.24 284.30 63.70 245.75 14,304.98 -
Exchange difference - - (50.15) - (312.32) 0.38 (24.93) (54.78) - (53.18) (494.98) -
Charge for the year - 0.06 628.30 39.04 2,071.83 29.40 54.34 18.54 19.28 41.42 2,902.21 -
Disposals / adjustments - - (1.89) (1.23) (11.70) 0.86 (0.39) 1.24 - - (13.11) -
At March 31, 2016 - 0.06 788.85 37.82 14,418.52 488.32 399.26 249.30 82.98 233.99 16,699.10 -;
Net Block at March 31, 2016 16,753.65 5.00 9,235.84 187.88 17,298.71 91.84 169.18 69.88 168.56 370.88 44,351.42 603.76

YEAR ENDED MARCH 31, 2017

Gross Carrying Amount
Carrying amount as at April 1, 2016 16,753.65 5.06 10,024.69 225.70 31,717.23 580.16 568.44 319.18 251.54 604.87 61,050.52 603.76
Exchange Difference (27.12) - (45.24) - (280.26) 21.14 (3.60) (10.45) - 2.63 (342.90) (4.76)
Additions 37.57 - 513.03 5.93 1,755.21 37.12 57.84 34.90 - 52.80 2,494.40 1,476.10
Capitalised during the year - - - - - - - - - - - (1,432.95)
Disposals / adjustments - - (20.36) (16.54) (139.98) (3.64) (22.09) - - (0.67) (203.28)
At March 31, 2017 16,764.10 5.06 10,472.12 215.09 33,052.20 634.78 600.59 343.63 251.54 659.63 62,998.74 642.15
Accumulated depreciation and
impairment, if any
As at April 1, 2016 - 0.06 788.85 37.82 14,418.52 488.32 399.26 249.30 82.98 233.99 16,699.10
Exchange difference - - (7.78) (0.03) (74.52) (1.59) (4.31) (8.39) - (2.14) (98.76)
Charge for the year - 0.06 584.40 30.07 2,142.62 25.30 49.52 24.26 19.29 55.34 2,930.86
Disposals / adjustments - - - (1.79) (83.35) (2.81) (15.78) - - (0.60) (104.33)
At March 31, 2017 - 0.12 1,365.47 66.07 16,403.27 509.22 428.69 265.17 102.27 286.59 19,426.87
Net Block at March 31, 2017 16,764.10 4.94 9,106.65 149.02 16,648.93 125.56 171.90 78.46 149.27 373.04 43,571.87 642.15
[1] Building includes tenancy rights gross value ` 505.21 (March 31, 2016 ` 505.21) (April 1, 2015 ` 505.21)
[2] Depreciation of `
st March 2016 ` 13.03 ) on heavy vehicles being used for site development during the year is capitalized.
[3] Fixed assets addition during the year includes cost of self constructed assets amounting to ` 804.07 (March 31, 2016 ` 565.43)
[4] The Holding Company has elected to measure freehold land and buildings (including green / poly house) at fair value as at the transition date to Ind AS. At the date of transition
to Ind AS, land and building (including green / poly house) have been fair valued to ` 16,542.15 and `TGURGEVKXGN[CPFCPKPETGCUGQH`CPF` 4,682.83 has been
recorded for land and building (including green / poly house) respectively. The carrying amounts of land and building (including green / poly house) as per the previous gaap were
` 1,614.04 and `TGURGEVKXGN[

313
314
(All amount in ` Million, unless otherwise stated)
(i) Property, plant and equipment taken under finance lease
 6JGRTQRGTV[RNCPVCPFGSWKROGPVKPENWFGUVJGHQNNQYKPICOQWPVUYJGTGVJGITQWRKUCNGUUGGWPFGTCƒPCPEGNGCUG
Particulars Plant and equipment’s Vehicle Leases Leasehold land
01-Apr-15 730.72 50.29 5.06
31-Mar-16 785.70 41.67 5.00
31-Mar-17 770.81 33.47 4.94
 6JGNGCUGVGTOKPTGURGEVQHNGCUGJQNFNCPFKU[GCTUYKVJCDKNKV[VQQRVHQTTGPGYCNQHVJGNGCUGVGTOQPHWNƒNNOGPVQHEGTVCKPEQPFKVKQPU6JG2NCPVCPFGSWKROGPVŦUCPF
8GJKENGUJCXGDGGPRWTEJCUGFD[VJGITQWRQPƒPCPEGNGCUGDCUKUJ[RQVJGECVGFCICKPUVVJGNQCPQWVUVCPFKPI6JGNGCUGRGTKQFIGPGTCNN[XCTKGUHTQOVQ[GCTU
Jain Irrigation Systems Ltd.

(ii) Contractual obligations

 4GHGTVQPQVGHQTFKUENQUWTGUQHEQPVTCEVWCNEQOOKVOGPVUHQTVJGCESWKUKVKQPQH2TQRGTV[RNCPVCPFGSWKROGPV

(iii) Capital work-in-progress

Capital work-in-progress mainly comprises of factory buildings and plant and machinery purchased at various locations.

(iv) Property, plant and equipment pledged as security

2TQRGTV[RNCPVCPFGSWKROGPVRNGFIGFCUUGEWTKV[D[VJGITQWR           
31-Mar-17 31-Mar-16 01-Apr-15
Land 3,166.40 6,019.40 5,371.40
Buildings 3,227.77 2,261.31 3,825.89
Green / poly houses 61.54 69.92 81.18
Plant and equipment’s 6,665.75 6,945.54 7,840.79
Furniture, fixtures and office
2.31 1.39 2.39
equipment
Vehicle 41.94 46.87 58.11
Total 13,165.71 15,344.43 17,179.76
 2TQRGTV[2NCPVCPF'SWKROGPVCUFKUENQUGFCDQXGQHVJGITQWRKPENWFKPIKVUOQXCDNGRNCPVCPFOCEJKPGT[GSWKROGPVUCRRNKCPEGUHWTPKVWTGXGJKENGUOCEJKPGT[URCTGUCPF
stores and accessories are provided as security to working capital lenders, except those which are mentioned above and provided as a security on exclusive basis. The Holding
Company is in the process of release of charge over free hold land and buildings having carrying value of ` 62.14 and ` 72.40 respectively as at March 31, 2017.
 (All amount in ` Million, unless otherwise stated)
4) INTANGIBLE ASSETS
Goodwill Lade Computer Technical Patents Non- Product Water Total Goodwill on
marks software knowhow Compete development Rights consolidation
fees
YEAR ENDED 31ST MARCH 2016
Gross Carrying Amount
Cost as at 1st April 2015 309.65 46.43 255.04 12.76 64.50 93.16 506.33 75.13 1,363.00 3,387.89
Exchange difference 0.51 (8.05) 9.20 - 5.96 (34.45) (82.63) - (109.46) 22.00
Additions - 0.62 85.81 8.34 4.00 - 8.68 - 107.45 30.43
Disposals / adjustments - - - - - - - - -
At 31st March 2016 310.16 39.00 350.05 21.10 74.46 58.71 432.38 75.13 1,360.99 3,440.32
Accumulated depreciation and impairment, if any
As at 1st April 2015 139.16 33.68 172.61 7.07 12.34 82.41 354.21 11.27 812.75
Exchange difference - (21.15) 8.74 - 0.09 (68.08) 12.17 - (68.23)
Charge for the year - 4.21 45.72 2.65 3.13 1.38 16.61 7.51 81.21
Disposals / adjustments - - - - - - - - -
At 31st March 2016 139.16 16.74 227.07 9.72 15.56 15.71 382.99 18.78 825.73
Net Block at 31st March 2016 171.00 22.26 122.98 11.38 58.90 43.00 49.39 56.35 535.26 3,440.32

YEAR ENDED 31ST MARCH 2017

Gross Carrying Amount
Carrying amount as at 1st April 2016 310.16 39.00 350.05 21.10 74.46 58.71 432.38 75.13 1,360.99 3,440.32
Exchange difference 37.00 (2.22) 1.28 - 0.75 (0.43) 1.90 - 38.28 7.62
Additions 113.81 30.50 57.12 - 7.20 37.47 16.32 - 262.42
Disposals / adjustments - - - - - - - - -
At 31st March 2017 460.97 67.28 408.45 21.10 82.41 95.75 450.60 75.13 1,661.69 3,447.94
Accumulated depreciation and impairment, if any
As at April 1, 2016 139.16 16.74 227.07 9.72 15.56 15.71 382.99 18.78 825.73
Exchange difference - (10.71) (9.66) - 0.40 16.52 1.86 - (1.59)
Charge for the year - 4.00 55.22 7.05 3.74 1.32 3.95 7.52 82.80
Disposals / adjustments - - - - - - - - -
At 31st March 2017 139.16 10.03 272.63 16.77 19.70 33.55 388.80 26.30 906.94 -
st
Net Block at 31 March 2017 321.81 57.25 135.82 4.33 62.71 62.20 61.80 48.83 754.75 3,447.94

315
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

5) INVESTMENT PROPERTY
31-Mar-17 31-Mar-16 01-Apr-15
Gross carrying amount
Opening balance / Deemed cost - - -
Additions * 264.99 - -
Closing balance 264.99 - -
Accumulated depreciation
Opening balance - - -
Depreciation charge (8.06) - -
Closing balance (8.06) - -
Net carrying amount 256.93 - -
* As a result of capitalisation from capital work in progress
(i) Amount recognised in consolidated statement of profit and loss for investment properties
Depreciation (8.06) - -
Profit (loss) from investment property (8.06) - -
(ii) Fair value
Investment properties # 256.93 - -
# Estimation of fair value
In view of the recent capitalization of investment property, the management is of the opinion that the carrying value
can be considered as fair value, which would be considered as level-3 valuation. Going forward the Company through
involving external independent valuation experts would assess the fair valuation using an appropriate method. The
valuation model would consider various inputs like cost, location, market appreciation, etc.

6) FINANCIAL ASSETS
[a] INVESTMENTS
Notes 31-Mar-17 31-Mar-16 01-Apr-15
Investment in equity instruments (quoted) (fully paid-up) See note (i) 0.17 0.24 0.24
Investment in equity instruments (unquoted) (fully paid-up) See note (ii) 0.05 0.05 0.05
Investment in government or trust securities (unquoted)
at amortised cost
- National saving certificates 0.01 0.01 0.01
- Indira vikas patra # Value ` 5,000 # # #
Investment in mutual funds (quoted) See note (iii) 12.00 13.06 10.10
Investment in Bonds/NCD (quoted) See note (iv) 10.00 15.00 15.00
Total 22.23 28.36 25.40

Aggregate amount of quoted investments and market

22.17 28.30 25.34
value thereof
Aggregate amount of unquoted investments 0.06 0.06 0.06
Aggregate amount of impairment in the value of
- - -
investments

31-Mar-17 31-Mar-16 01-Apr-15

Nos Amount Nos Amount Nos Amount
Investment in equity instruments (quoted) (fully
(i)
paid-up) at fair value through profit or loss
Reliance industries ltd. 90 0.13 90 0.09 90 0.08
Reliance communication ltd. 45 0.00 45 0.00 45 0.00
Reliance infrastructure ltd. 3 0.00 3 0.00 3 0.00
Reliance capital ltd. 2 0.00 2 0.00 2 0.00
Reliance power ltd. 11 0.00 11 0.00 11 0.00
Finolex industries ltd. 75 0.04 75 0.03 75 0.02
Union bank of India - - 908 0.12 908 0.14
Sub-total 0.17 0.24 0.24
Less: Impairment allowance - - -
Total 0.17 0.24 0.24

316
Contd...6) Financial Assets (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

Nos Amount Nos Amount Nos Amount
(ii)Investment in equity instruments (unquoted)
(fully paid-up) at amortised cost
Shares of Astitwa Co-Op. Housing Society Ltd. 25 0.00 25 0.00 25 0.00
Shares of ` 100 each of Sarjan Members 5 0.00 5 0.00 5 0.00
Association
Shares of ` 50 each of Rajdeep Vrundavan Co- 15 0.00 15 0.00 15 0.00
Op. Housing Society
Shares of Edlabad Sut Girni Co-Operative Society 200 0.00 200 0.00 200 0.00
Ltd.
Shares of ` 250 each of Shrinathjee Co-Op. 20 0.01 20 0.01 20 0.01
Housing Society Ltd.
Linking Shares of ` 25 each of Jalgaon Janta 1,849 0.04 1,849 0.04 1,849 0.04
Sahakari Bank Ltd.
Sub-total 0.05 0.05 0.05
Less: Impairment allowance - - -
Total 0.05 0.05 0.05

(iii) Investment in mutual funds (quoted) at

Fair Value through Profit or Loss
Canara Robaco Capital Protection oriented fund 499,990 6.09 900,000 10.52 900,000 10.10
Series III Growth `10 each
Canara Robaco Capital Protection oriented fund 249,990 2.80 249,990 2.54 - -
Series VI Growth `10 each
Canara Robaco Capital Protection oriented fund 300,000 3.11 - - - -
Series VII Growth `10 each
Sub-Total 12.00 13.06 10.10
Less: Impairment allowance - - -
Total 12.00 13.06 10.10
(iv)Investment in Bonds/NCD (quoted) at
amortised cost
Units of YES Bank - II Tier NC Bond `10 Lacs each 10 10.00 10 10.00 10 10.00
Industrial Finance Corporation of India Ltd.NCD - - 5,000 5.00 5,000 5.00
`1,000 each
Sub-total 10.00 15.00 15.00
Less: Impairment allowance - - -
Total 10.00 15.00 15.00

Particulars 31-Mar-17 31-Mar-16 31-Apr-15

[b] INVESTMENTS
Mutual funds (quoted) at fair value through profit and loss
Reliance liquid funds Nil (P.Y. 166,690.77 units) - 350.00 -
Total - 350.00 -
Aggregate amount of quoted investments and market value thereof - 350.00 -
Aggregate amount of unquoted investments - - -
Aggregate amount of impairment in the value of investments - - -

[c] TRADE RECEIVABLES

(Unsecured, considered good unless stated otherwise)
Due from trade receivables 24,379.71 23,456.93 20,844.81
Less: Impairment allowance (1,558.23) (1,714.22) (1,449.47)
Total receivables 22,821.48 21,742.71 19,395.34
Current portion 22,821.48 21,742.71 19,395.34
Non-current portion - - -

317
 Jain Irrigation Systems Ltd.

Contd...6) Financial Assets (All amount in ` Million, unless otherwise stated)

Above includes ` 853.71 (March 31, 2016 ` 333.30, 1st April 2015 ` 413.05) where legal action has been initiated for recovery.
Certain trade receivables stated above are charged / pledged on a first pari-passu basis to working capital lenders.
Trade receivables are receivable in normal operating cycle and are shown net of an allowance for bad or doubtful debts.Trade and
other receivables due from directors or other officers of the group either severally or jointly with any other person is disclosed as
part of note 37 - Related party transaction along with other related parties transaction.
Particulars 31-Mar-17 31-Mar-16 31-Apr-15
Break-up of security details
Trade receivables
Unsecured, considered good 22,821.48 21,742.71 19,395.34
Unsecured, considered doubtful 1,558.23 1,714.22 1,449.47
Sub-total 24,379.71 23,456.93 20,844.81
Less: Impairment allowance (1,558.23) (1,714.22) (1,449.47)
Total 22,821.48 21,742.71 19,395.34

[d] CASH AND BANK BALANCES

(i) Cash and Cash Equivalents
Balances with banks in current accounts 1,036.12 2,706.23 2,904.16
Fixed Deposits with maturity less than 3 months 2.79 1,001.39 18.09
Cash on hand 72.29 50.25 76.20
Total 1,111.20 3,757.87 2,998.45
(ii) Bank balances other than cash and cash equivalents
Fixed deposits with maturity of more than 3 months and less than 12 1,286.84 0.92 -
months
Balance with banks held as margin money (against bank guarantees) 251.93 26.22 31.11
Unpaid dividend bank account 10.82 10.06 9.13
Total 1,549.59 37.20 40.24

[e] LOANS
Non-Current (Unsecured, considered good unless stated otherwise)
Loans to other 43.87 - -
Total 43.87 - -
Current (Unsecured, considered good unless stated otherwise)
Loans to related parties (See note(i)) 24.82 43.41 40.67
Loans to Employees 149.54 154.94 171.53
Loans to other 82.04 - -
Total 256.40 198.35 212.20
(i) Loans to related parties are disclosed as part of note 37- Related
party transaction along with other related parties transaction.
[f] OTHER FINANCIAL ASSETS
Non-current (Unsecured, considered good unless stated otherwise)
Derivative assets 24.25 83.26 32.03
Deposits with maturity of more than 12 months - 24.32 3.78
Security deposits
- To others (See note(i)) 1,144.99 1,180.23 1,123.16
Share application money 17.50 17.50 17.50
Other long term receivables 164.92 156.37 177.21
Total 1,351.66 1,461.68 1,353.68
Current (Unsecured, considered good unless stated otherwise)
Derivative assets 27.92 28.38 145.13
Security deposits
- To others (See note(i)) 34.99 43.08 34.33
- To related parties (See note(ii)) 449.49 497.31 545.14
Interest receivable 25.06 5.17 6.99
Total 537.46 573.94 731.59

318
Contd...6) Financial Assets (All amount in ` Million, unless otherwise stated)
(i) Security deposits primarily include security deposits recoverable from customers, earnest money deposit, deposits
given towards rented premises, warehouses and electricity deposits.
(ii) Security deposit are disclosed as part of note 37- Related party transaction along with other related parties transaction.

7) OTHER ASSETS
31-Mar-17 31-Mar-16 01-Apr-15
Non-current (Unsecured, considered good unless stated otherwise)
Capital advances 699.63 412.95 429.84
Advances other than capital advances :
Prepaid expenses 233.40 198.03 122.52
Incentive receivables 65.23 214.57 236.09
Others 0.01 0.02 107.93
Total 998.27 825.57 896.38
Current (Unsecured, considered good unless stated otherwise)
Advances other than capital advances
- Advance to suppliers 3,452.75 3,383.55 3,389.11
Less provision against trade advance (250.00) (218.92) (99.98)
- Employee advances 79.08 72.08 43.95
Others
- Prepaid expenses 807.28 945.76 1,020.61
- Balance with excise, customs and sales tax authorities 992.03 911.44 733.79
- Invoices to be raised in respect of incomplete contract (refer note 45) 8.07 - -
- Claims receivables 1,686.55 1,700.84 1,514.89
Less Provision agst claim receivable (164.67) (87.38) -
- Incentive receivables 1,931.07 1,537.02 1,397.24
Less Provision agst incentive receivable (349.09) (288.44) (250.24)
- Others 132.70 121.91 104.28
Total 8,325.77 8,077.86 7,853.65

8) DEFERRED TAX ASSETS (Net)

(i) Movement in deferred tax assets for the year ended March 31, 2016
01-Apr-15 Recognised in 31-Mar-16
Profit or loss OCI Equity
Property plant and equipment (187.09) 102.25 - - (84.84)
Disallowance under section 43B of - 35.20 - - 35.20
the IT Act, 1961
Carried forward losses 1,326.52 256.82 - - 1,583.34
Other current assets / liabilities 233.55 (150.29) - - 83.26
Total 1,372.98 243.98 - - 1,616.96

(ii) Movement in deferred tax assets for the year ended March 31, 2017
31-Apr-16 Recognised in 31-Mar-17
Profit or loss OCI Equity
Property plant and Equipment (84.84) 18.08 - - (66.76)
Disallowance under section 43B of 35.20 (34.99) - - 0.21
the IT Act, 1961
Carried Forward Losses 1,583.34 79.52 - - 1,662.86
Other Current assets/Liability 83.26 (191.06) - - (107.80)
Total 1,616.96 (128.45) - - 1,488.51

319
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

9) INCOME TAX ASSETS

Non-current
Income Tax assets 389.37 440.15 353.53

10)INVENTORIES
(at lower of cost or net realisable value)
Raw materials 4,986.42 4,799.43 5,326.83
Stores and consumables 484.52 591.19 320.78
Work-in-progress 459.66 269.69 195.30
Finished goods 16,650.13 13,089.69 12,452.42
Total 22,580.73 18,750.00 18,295.33
Included in inventories goods in transit as follows:
Raw materials 803.28 491.63 268.44
Stores, spares and consumables 12.86 4.19 24.14
Finished goods 63.42 65.54 14.39
Total 879.56 561.36 306.97

Certain inventories stated above are hypothecated on a first pari-passu charge basis to working capital lenders

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Write-down of inventories to net realisable value amounted to ` 45.46 (31 March 2016: ` 23.63). These were recognised
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VJG%QPUQNKFCVGF5VCVGOGPVQH2TQƒVCPF.QUU    

11)BIOLOGICAL ASSETS
Tissue culture plantations
(All amount in ` Million, unless otherwise stated)
31-Mar-17 31-Mar-16
Opening balance 314.07 349.61
New plantations 1,115.73 853.05
Loss during transformation (54.36) (42.40)
Change in fair value due to biological transformation 79.12 30.37
Change in fair value due to price changes 96.73 (33.55)
Transfer of harvested secondary hardening plants to inventory (935.63) (843.01)
Closing balance 615.66 314.07

Current Assets
- Asthetic cultures at laboratory stage 226.23 131.88
- Saplings at primary hardening stage 117.19 49.67
- Saplings at secondary hardening stage 272.24 132.52
Total 615.66 314.07
As at 31 March 2017, there were 77.80 Mn of plants under tissue culture process (31 March 2016: 60.15 Mn of plants).
st st

During the year, the group sold 66.47 Mn nos of cultured plantations (31st March 2016: 65.41 Mn of cultured plantations).

 $KQNQIKECNCUUGVUUVCVGFCDQXGCTGRCTVQHVQVCNEWTTGPVCUUGVUJ[RQVJGECVGFQPCƒTUVRCTKRCUUWEJCTIGDCUKUVQYQTMKPI
capital lenders.

(i) Estimates and judgments:

Tissue culture plantations: Estimates and judgements in determining the fair value of tissue cultured plants relate
to market prices, quality of plants, and mortality rates. The impact of discounting is not considered material as the
transformation cycle is less than 6 months.

(ii) Fair value information:

The fair value measurements of Tissue culture plantations have been categorised as Level 3 fair values based on the
inputs to the valuation techniques used. The following table shows the gain or losses recognised in relation to level 3
fair values.

320
Contd...11) Biological Assets (All amount in ` Million, unless otherwise stated)

Tissue Culture Plantation

31-Mar-17 31-Mar-16
Total gain / (loss) recognised in the consolidated statement of profit and loss 161.98 (32.84)
Change in unreaslised gain / (loss) recognised in the Consolidated Statement of Profit and 314.32 152.34
Loss

(iii) Valuation inputs and relationship to fair value

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value measurements of tissue culture plantations.
Fair value as at
Particulars 31-Mar-17 31-Mar-16 01-Apr-15
Tissue culture plantations 615.66 314.07 349.61

(Measured at fair value less costs to sell estimating projected cash flows, impact of discounting not considered material
due to short transformation cycle)
Inter-relationship between key unobservable inputs and
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fair value measurements
- Estimated future market prices of Tissue plantations per
The estimated fair value would increase / (decrease) if:
plant / sapling: (31-Mar-2017 ` 15.6 Weighted average,
- the market price per plant were higher / (lower)
31-Mar-2016: `9GKIJVGFCXGTCIG#RT
- the Estimated mortality per stage were (lower) / higher
` 15.1 Weighted average)
- Estimated mortality per stage (31-Mar-2017 5.8%, 31-Mar-
2016 7.7%, 1-Apr-2015 6.6%)

The group’s plantations are exposed to risk of damage from climate change, diseases. The Company has extensive
processes in place aimed at monitoring and mitigating those risks. Further, the demand is subject to external climatic
conditions. Management performs regular industry trend analysis for projected harvest volumes and pricing.

12) SHARE CAPITAL

[a] Authorised share capital
(All amount in ` Million, unless otherwise stated)
Equity shares of ` 2/- Redeemable preference Equity shares of ` 2/-
each (PY ` 2/- each) shares of ` 100/- each each with differential
(PY ` 100 /-each) voting rights
(PY ` 2/- each)
No. of No. of No. of
Amount Amount Amount
shares shares shares
As at 1-April-2015 926,500,000 1,853.00 5,000,000 500.00 310,000,000 620.00
Increase during the year - - - - -
As at 31-Mar-2016 926,500,000 1,853.00 5,000,000 500.00 310,000,000 620.00
Increase during the year - - - - -
As at 31-Mar-2017 926,500,000 1,853.00 5,000,000 500.00 310,000,000 620.00

[b] Issued equity share capital

Equity shares of ` 2/- Equity shares of ` 2/- Total
each (PY ` 2/- each) each with differential
voting rights
(PY ` 2/- each)
No. of No. of
Amount Amount
shares shares
As at 1-Apr-2015 443,119,978 886.24 19,294,304 38.59 924.83
Addition by conversion of
share warrants (Refer note 12 14,100,000 28.20 - - 28.20
(b) (i))
As at 31-Mar-2016 457,219,978 914.44 19,294,304 38.59 953.03
Exercise of options - proceeds
2,946,075 5.89 - - 5.89
received (Refer note 12 (b) (ii))
As at 31-Mar-2017 460,166,053 920.33 19,294,304 38.59 958.92

321
 Jain Irrigation Systems Ltd.

Contd...12) Share Capital (All amount in ` Million, unless otherwise stated)

K2WTUWCPVVQTGUQNWVKQPRCUUGFD[VJG$QCTFQH&KTGEVQTUQHVJG*QNFKPI%QORCP[CVVJGOGGVKPIJGNFQP/CTEJ
2016, the Company has allotted 14,100,000 Ordinary Equity Shares of ` 2/- each at a premium of ` 78/- each in
conversion of 14,100,000 equity warrants of ` 80/- each to promoter group entity on preferential basis.

KK2WTUWCPVVQTGUQNWVKQPRCUUGFD[VJG'512EQOOKVVGGQHVJG*QNFKPI%QORCP[CVVJGOGGVKPIJGNFQP5GRVGODGT
VJG*QNFKPI%QORCP[JCUCNNQVVGFGSWKV[UJCTGU` 2/- each at a premium of ` 52.40/- each.
(i) Terms / rights, preferences and restrictions attached to equity shares: Each holder of Ordinary Equity Shares is
entitled to one vote per share. They have right to receive dividend proposed by the Board of Directors and approved by
the Shareholders in the Annual General Meeting, right to receive annual report and other quarterly/half yearly/annually
reports/notices and right to get new shares proportionately in case of issuance of additional shares by The group.
In the event of liquidation of The group, the holders of Equity Shares will be entitled to receive remaining assets
of The group, after distribution of all preferential amounts. The distribution will be in proportion to the number of
1TFKPCT['SWKV[5JCTGUJGNFD[VJG5JCTGJQNFGTU6JGITQWRJCUCƒTUVCPFRCTCOQWPVNKGPWRQPCNNVJG1TFKPCT[
Equity Shares.
(ii)Terms and conditions of differential voting rights (DVR): The DVR equity shareholders have the same rights
as the Ordinary Equity Shares of the group except voting rights. Every 10 DVR equity shares have one voting
right on poll (on show of hands however, they carry 1 vote for every person voting). Any DVR holder holding
less than 10 DVR equity shares holds fractional voting rights. The DVR equity shares have right to receive full
dividend, to receive annual report, right to receive quarterly/half yearly/annually reports/notices and other
information/correspondence from time to time, to receive bonus and/or rights shares of the same class of
shares as and when such an issue is made in respect of Ordinary Equity Shares and in the same ratio and terms.
In case of buy back or reduction of capital of Ordinary Equity Shares, the DVR equity shares have right subject
to buyback or reduction on the same terms as Ordinary Equity Shares. Further, in case of issue of Ordinary
Equity Shares or any other securities or assets to ordinary equity shares in case of amalgamation/demerger/
re-organisation/reconstruction, the DVR Equity Shares have right to receive DVR Equity Shares and any other
securities/assets as issued to Ordinary Equity Shares. They have right to hold separate class meeting if their rights
are affected in any manner adversely.
[c] Details of shareholders holding more than 5% of the aggregate shares in the group:
(i) Equity shares of (face value: ` 2/- each)
31-Mar-17 31-Mar-16 01-Apr-15
No. of % of total No. of % of total No. of shares % of total
shares equity shares equity equity
shares shares shares
Jalgaon Investments Pvt. Ltd. 104,105,000 22.62% 104,105,000 22.80% 104,105,000 23.49%
MKCP Institutional Investor
- - 35,154,335 7.69% 35,154,335 7.93%
(Mauritius) II Ltd.
(ii) Equity shares with differential voting rights (face value: ` 2/- each)
31-Mar-17 31-Mar-16 01-Apr-15
No. of % of total No. of % of total No. of shares % of total
shares DVR shares DVR DVR
Jalgaon Investments Pvt. Ltd. 4,830,250 25.03% 4,830,250 25.03% 4,830,250 25.03%

13) OTHER EQUITY

31-Mar-17 31-Mar-16 01-Apr-15
Capital reserve 13(a)(i) 2,213.64 2,125.46 743.91
Capital redemption reserve 13(a)(ii) 896.72 896.72 896.72
Securities Premium Reserve 13(a)(iii) 11,923.39 11,746.72 10,572.82
Share options outstanding account 13(a)(iv) - 29.59 29.59
Retained earnings 13(a)(v) 21,928.01 20,607.65 20,423.64
General Reserve 13(a)(vi) 2,112.32 2,112.32 2,085.94
Foreign currency monetary items translation difference
13(b)(i) (94.75) (203.08) -
account
Foreign currency translation reserve 13(b)(ii) (1,081.60) (346.70) -
Equity component of convertible debentures 13(b)(iii) 2,720.96 2,720.96 -
Total 40,618.69 39,689.64 34,752.62

322
Contd...13) Other Equity (All amount in ` Million, unless otherwise stated)
(a) RESERVES AND SURPLUS
(i) Capital reserve
Capital Reserve is created on account of amalgamation of orient Vegexpo Limited into the group and on forfeiture of
equity warrants.
31-Mar-17 31-Mar-16
Balance at the beginning of the year 2,125.46 743.91
On account of investment in subsidiaries 88.18 1,381.55
Balance at the end of the year 2,213.64 2,125.46

(ii) Capital redemption reserve

 6JG)TQWRTGEQIPKUGURTQƒVQTNQUUQPRWTEJCUGUCNGKUUWGQTECPEGNNCVKQPQH)TQWRŦUQYPGSWKV[KPUVTWOGPVUCPF
preference shares to capital redemption reserve.
31-Mar-17 31-Mar-16
Balance at the beginning of the year 896.72 896.72
Movement during the year - -
Balance at the end of the year 896.72 896.72

(iii) Securities premium reserve

 5GEWTKV[2TGOKWO4GUGTXGKUWUGFVQTGEQTFVJGRTGOKWOQPKUUWGQHUJCTGU6JGTGUGTXGKUWVKNKUGFKPCEEQTFCPEG
with the provision of the Act.
31-MAR-17 31-MAR-16
Balance at the beginning of the year 11,746.72 10,572.82
Add: On issue of 14,100,000 equity shares of ` 80.00 each # - 1,099.80
Add: On issue of 2,946,075 equity shares of `54.40 each## 183.98 -
Less: Share issue expenses (7.31) -
Add: On issue of Compulsory Convertible Debentures - 74.10
Balance at the end of the year 11,923.39 11,746.72
 2WTUWCPV VQ TGUQNWVKQP RCUUGF D[ VJG $QCTF QH &KTGEVQTU QH6JG ITQWR CV VJG OGGVKPI JGNF QP /CTEJ  
The group has allotted 14,100,000 Ordinary Equity Shares of ` 2 each at a premium of ` 78 each in conversion of
14,100,000 equity warrants of ` 80 each to promoter group entity on preferential basis.
2WTUWCPVVQTGUQNWVKQPRCUUGFD[VJG'512EQOOKVVGGCVVJGOGGVKPIJGNFQP5GRVGODGTVJG%QORCP[
JCUCNNQVVGFGSWKV[UJCTGU` 2 each at a premium of ` 52.40 each.

(iv) Share options outstanding account

 6JG ITQWR JCU CRRTQXGF GORNQ[GG UVQEM QRVKQPU CPF UJCTGU RNCP 
ť'512Ŧ 6JG UJCTG QRVKQPU QWVUVCPFKPI
account is used to recognise the value of equity-settled share based payments provided to the eligible employees
KPENWFKPIYQTMKPIPQPGZGEWVKXGFKTGEVQTUCURCTVQHVJGKTTGOWPGTCVKQP4GHGTPQVGHQTHWTVJGTFGVCKNUQHVJG'512
plans.
31-Mar-17 31-Mar-16
Balance at the beginning of the year 29.59 29.59
Less: Transferred to securities premium on account of exercise of options (29.59) -
Balance at the end of the year - 29.59

(v) Retained earnings

Retained earning represents surplus/accumulated earnings of the group and are available for distribution to
shareholders
31-Mar-17 31-Mar-16
Balance at the beginning of the year 20,607.65 20,423.64
Net profit for the year 1,694.72 483.96
Transfer to General Reserve - (26.38)
Other Comprehensive Income
Items that will not be reclassified to profit or loss:
- Remeasurements of defined benefit obligations, (129.48) 7.19
- Income tax relating to the above items 44.81 (2.49)
Dividend (including tax) (289.69) (278.27)
Balance at the end of the year 21,928.01 20,607.65

323
 Jain Irrigation Systems Ltd.

Contd...13) Other Equity (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16
Proposed Dividends on Equity Shares not recognised
Final dividend for the year ended (` 0.75 per share (P.Y. ` 0.50 per share)) 359.60 238.26
Dividend distribution tax on proposed dividend 73.20 48.50
432.80 286.76
(vi) General reserve
Balance at the beginning of the year 2,112.32 2,085.94
Movement during the year - 26.38
Balance at the end of the year 2,112.32 2,112.32

(b) OTHER RESERVES

(i) Foreign currency monetary items translation difference account
Balance at the beginning of the year (203.08) -
Exchange gain / (loss) during the year 81.73 (286.98)
Amortised during the year 26.60 83.90
Balance at the end of the year (94.75) (203.08)

(ii) Foreign currency translation reserve

Balance at the beginning of the year (346.70) -
Exchange gain / (loss) during the year (735.56) (346.70)
Transaction with non controlling interest 0.66 -
Balance at the end of the year (1,081.60) (346.70)
(iii) Equity component of convertible debentures (Refer Note 14 (a) (i))
31-Mar-17 31-Mar-16
Balance at the beginning of the year 2,720.96 -
Movement during the year - 2,720.96
Balance at the end of the year 2,720.96 2,720.96

14) FINANCIAL LIABILITIES

(a) NON-CURRENT BORROWINGS
Maturity Terms of
Security details 31-Mar-17 31-Mar-16 01-Apr-15
Date repayment
Secured
(i) Term loans - From banks (Average interest rate for loan under category is 6.56%)
South Indian FY 2016 -17 The Loan is Various Immovable - 249.83 500.00
Bank repayable in 2 properties of the
installments of holding company
` 250 million each on (See note (iii) Below).
end of 24th and 35th The loan is fully
month starting from repaid and charge is
26th October 2015. satisfied
Yes Bank FY 2018 -19 The loan is repayable Various Immovable - 542.52 932.55
in 14 quarterly properties together
installments of ` 25 with building,
million to ` 125 structure, and plant
million starting machinery attached
from 11th July 2015. to earth (See note
(iii) Below) The loan
is fully repaid and
charge is satisfied
Union Bank FY 2019 -20 Pursuant to Various Immovable 0.50 449.95 498.35
prepayment of properties together
loan of ` 499.50 with building,
the outstanding structure, and plant
balance as on 31st machinery attached
March 2017 is ` to earth. (See note
0.50 payable on 31st (iv) below)
December 2019

324
Contd...14)Financial Liabilities (All amount in ` Million, unless otherwise stated)

Maturity Terms of
Security details 31-Mar-17 31-Mar-16 01-Apr-15
Date repayment
Exim bank FY 2022 - 23 The loan repayable Whole of movable 894.16 619.20 -
in 19 quarterly fixed assets of the
installment of ` 2 holding company
million to ` 50 million both present and
starting from 1st future and mortgage
January 2018. of certain immovable
properties.
Exim bank FY 2023 - 24 The loan repayable Whole of movable 483.39 - -
in 20 equal quarterly fixed assets of the
installment of ` 35 holding company
million each starting both present and
from 1st January future and mortgage
2019. of certain immovable
properties.
Exim Bank, FY 2018-19 The loan is repayable 100% Share pledge - 265.33 333.87
India in 21 equal quarterly of NaandanJain
instalments Irrigation Ltd. ,
commencing at the Israel (Step down
end of 18 months subsidiary) & JISL
from the date of first Overseas Ltd.,
disbursement Mauritius (subsidiary)
Punjab National FY 2019-20 The loan is repayable Debenture and share - 325.65 402.37
Bank (Int) Ltd., in 14 equal half capital of JOBV (step
UK yearly installments down subsidiary).
after 6 months (See note (v) below)
gestation period The loan is fully
repaid and charge is
being satisfied
Punjab National FY 2021-22 The loan is repayable Debenture and 100% - 280.60 288.88
Bank (Int) Ltd., in 13 equal half yearly share capital of JOBV
UK instalments with first (step down subsidiary)
instalment falling due & JITBV (subsidiary).
on 31st March 2015 (See note (v) Below)
The loan is fully repaid
and charge is being
satisfied
Exim Bank, FY 2015-16 The loan is repayable 100% Share pledge - - 62.59
India in 16 equal of NaandanJain
quarterly instalments Irrigation Ltd., Israel
commencing at the
end of 12 months
from the date of first
disbursement
Punjab National FY 2020-21 The loan is repayable The loan is - 201.36 223.70
Bank (Int) Ltd., in repayable in 28 guaranteed by
UK equal quarterly holding company.
installments The loan is fully
beginning 30th June repaid
2013.
People’s Bank FY 2026-27 the loan is repayable specific buildings 71.23 78.33 78.26
& Trust Co. in installment of assets of the JAH
$13,987.87 per USA (subsidiary
month till Aug-2026. company).
Wells Fargo FY 2018-19 The loan in repayable Specific equipment’s 79.25 129.72 -
in repayable in of borrowing
installments of subsidiary company.
$45,833, due in
monthly installments
beginning 1st
December 2015 until
termination date.
Wells Fargo FY 2015-16 The loan in repayable Specific equipment’s - - 22.95
in repayable in of borrowing
installments of subsidiary company.
$45,833, due in The loan is fully
monthly installments repaid and charge is
beginning satisfied
1stDecember 2015
until termination date.

325
 Jain Irrigation Systems Ltd.

Contd...14)Financial Liabilities (All amount in ` Million, unless otherwise stated)

Maturity Terms of
Security details 31-Mar-17 31-Mar-16 01-Apr-15
Date repayment
Community FY 2033 - 34 The loan is Certain lands 259.50 276.79 267.46
Bank repayable in monthly and improvement
installments of thereon of borrowing
$30,999 each, subsidiary company.
including variable
interest currently at
5.44% per annum
till April 2019 and
thereafter adjusting
variably by the
Federal Home Loan
Bank 5 year index
plus 3.5% till March
2034.
Punjab National FY 2020-21 The loan is repayable personal guarantees - 450.11 491.79
Bank (Int) Ltd., in 28 equal quarterly made by the
UK instalments with first directors, and a
instalment falling due debenture over
on 31st December the assets of the
2013. company. The loan
is fully repaid and
charge is satisfied
Union Bank of FY 2019-20 Repayable in 20 Pledge of 100% - 248.75 297.31
India (UK) Ltd., equal quarterly shares of wholly
UK installments. owned subsidiary
M/s Excel Plastics
Limited, Ireland
and personal
guarantees made by
the directors, and
a debenture over
the assets of the
company. The loan
is fully repaid and
charge is satisfied
Bank HaPoalim FY 2021-22 The loan is repayable Paripasu Charge 243.18 142.93 204.59
in Quarterly on the assets of
installments of ILS NaandanJain, Israel
917,000 to 500,000
till Jun-2021
Bank Leumi FY 2021-22 The loan is repayable in Paripasu Charge 499.28 516.45 340.10
Quarterly installments on the assets of
of ILS 2,218,000 to NaandanJain, Israel
500,000 till May 2021
First FY 2015-16 The loan is repayable Paripasu Charge - - 3.04
International in Quarterly on the assets of
Bank of Israel installments of EUR NaandanJain, Israel
22,500 till July 2015.
First FY 2017-18 The loan is repayable Paripasu Charge 11.53 26.43 37.41
International in Quarterly on the assets of
Bank of Israel installments of ILS NaandanJain, Israel
215,000 till October
2017.
Union Bank of FY 2020-21 The loan is repayable Paripasu Charge 95.19 127.67 55.37
Israel in Quarterly on the assets of
installments of ILS NaandanJain, Israel
485,000 to ILS
235,000 till Oct-2020
Wells Fargo FY 2018-19 The loan is repayable Certain assets of 1.18 1.97 2.54
in equal installment borrowing subsidiary
of $1045.44 per company.
month till August18
LCA Bank FY 2017 -18 The loan is repayable Specific plant and 3.84 8.22 10.58
in equal monthly Machinery
installments of
$6,208 till December
2017.

326
Contd...14)Financial Liabilities (All amount in ` Million, unless otherwise stated)

Maturity Terms of
Security details 31-Mar-17 31-Mar-16 01-Apr-15
Date repayment
Wells Fargo FY 2016 - 17 The loan is repayable Specific office - - 0.24
Bank in equal monthly equipment’s. The
installments of $330 loan is fully repaid
through May 2016. and charge is
satisfied
Lloyds Bank, FY 2018 - 19 The loan is repayable Specific plant and 0.98 4.75 8.43
UK in 20 equal monthly Machinery
installments £604.47
till November 2018.
Close Brothers FY 2021- 22 The loan is repayable Specific plant and 87.91 116.50 68.76
in Installment from Machinery
EUR 2626.27 to
42842.46 till January
2022.
Banque FY 2023 - 24 The loan is repayable schedule bearer of 144.18 159.97 157.59
Cantonale in equal yearly CHF 3,000,000
Neuchateloise Installment of CHF
st
100,000 upto 31
December 2023.
IDFC Bank FY 2022 - 23 The loan is repayable Certain movable 294.74 413.64 588.32
Limited in 40 quarterly properties and
installments of selected immovable
` 13.50 million to properties together
` 31.67 million with building and
starting from plant Machinery
15th October 2012. attached to earth of
the holding company
(See note (iv) below)

Coöperatieve FY 2021 - 22 The loan is repayable All properties 1,937.34 - -

Rabobank U.A 9 half yearly and assets of the
installments of US$ borrowing subsidiary
1.50 million to US$ company.
6.00 million after
12 months from
disbursement.

(ii) Term loans - From financial institutions / Other parties (Average interest rate for loan under
category is 5.23%)
StarAgri FY 2016 - 17 The loan is fully Certain land and - 250.00 -
Finance Ltd repayable on structure thereon
15th March 2017. (both present and
future) of the holding
company (See note
(iii) Below)The loan
is fully repaid and
charge is satisfied
IFCI Ltd. FY 2019 - 20 The loan is repayable Certain freehold - 798.29 992.84
in 16 quarterly land together with
installments of ` buildings and other
62.50 million starting structure thereon. Of
from 15th Junuary the holding company.
2016. (See note (iii) Below)
The loan is fully
repaid and charge is
being satisfied

IFCI Ltd. FY 2020 - 21 The loan is repayable Certain freehold - 994.70 993.57
in 16 quarterly land together with
installments of ` buildings and other
62.50 million starting structure thereon. Of
from 15th March the holding company.
2017. (See note (iii) Below)
The loan is fully
repaid and charge is
being satisfied

327
 Jain Irrigation Systems Ltd.

Contd...14)Financial Liabilities (All amount in ` Million, unless otherwise stated)

Maturity Terms of
Security details 31-Mar-17 31-Mar-16 01-Apr-15
Date repayment
FCL - Import FY 2016 -17 The loan is repayable Certain agricultural - 14.34 48.22
Finance in 4 half-yearly lands of the holding
Program installments of US$ company (See note
0.26 million each (v) below)The loan
starting from is fully repaid and
29th January 2015. charge is being
satisfied
International FY 2015 - 16 The loan is repayable Certain movable - - 169.88
finance in 11 half yearly plant. Machinery and
corporation installments of US$ equipment’s and
(IFC) 1.36 million each other movable fixed
starting from assets (both present
15th October 2010. and future) of the
holding company.
The loan is fully
repaid and charge is
satisfied
International FY 2016 - 17 The loan is repayable Certain movable - 180.91 338.48
finance in 11 half yearly plant. Machinery and
corporation installments of US$ equipment’s and
(IFC) 1.36 million each other movable fixed
starting from assets (both present
15th October 2011. and future) of the
holding company.
The loan is fully
repaid and charge is
being satisfied
International FY 2016 - 17 The loan is repayable Certain movable - 177.51 335.30
finance in 11 half yearly plant. Machinery and
corporation installments of US$ equipment’s and
(IFC) 1.36 million each other movable fixed
starting from assets (both present
30th March 2012. and future) of the
holding company.
The loan is fully
repaid and charge is
being satisfied
International FY 2017 -18 The loan is repayable Certain movable 142.26 360.09 508.79
finance in 11 half yearly plant. Machinery and
corporation installments of US$ equipment’s and
(IFC) 1.36 million each other movable fixed
starting from 31st assets (both present
December 2012. For and future) of the
security detail [Refer holding company.
security details (iv)] (See note (iv) below)
International FY 2020 - 21 The loan is repayable Certain movable and 1,165.32 1,479.49 1,490.87
finance in 11 half yearly immovable properties
corporation installments of US$ of the holding
(IFC) 0.38 million to US$ company. (See note
6.21 million each (iv) below)
starting from
30th May 2015.
FMO - FY 2020 - 21 The loan is repayable Various moveable 897.36 1,155.53 1,215.44
Nederlandse in 11 halfyearly and immovable
Inancierings- installments of US$ properties of the
Maatschappij 0.03 million to US$ company
Voor On 3.15 million each
twikkelings starting from 30th
landen N.V. November 2015.
DEG - Deutsche FY 2020 - 21 The loan is repayable Various moveable 1,114.43 1,471.26 1,523.17
Investitions in 11 half yearly and immovable
-Und Entwick- installments of US$ properties of the
lungsges- 0.08 million to US$ company
ellschaft MBH 3.97 million each
starting from 30th
November 2015.

328
Contd...14)Financial Liabilities (All amount in ` Million, unless otherwise stated)

Maturity Terms of
Security details 31-Mar-17 31-Mar-16 01-Apr-15
Date repayment
PROPARCO FY 2022 - 23 The loan is repayable Various moveable 979.32 1,201.43 1,216.68
- Société De in 14 half yearly and immovable
Promotion Et installments of US$ properties of the
De Participation 0.21 million to US$ company
Pour La 3.25 each starting
Coopération from 30th November
Économique 2015.
Capital lease Upto These lease are Related specific 161.24 204.45 247.12
(Plant and FY 2020-21 repayable in plant, Machinery and
Machinery) various monthly equipment’s
installments.
Vehicle Loans FY 2020 - 22 These loans are Related specific 152.52 190.09 217.58
payable in various Vehicles to specified
monthly installments lenders
Sub-total 9,719.83 14,114.76 15,174.99

Unsecured
(i) Bonds (Average interest rate for loan under category is 6.83%)
Foreign FY 2017 -18 FCCB Holder has Unsecured 2,832.37 2,700.87 2,385.11
currency option to convert
convertible bond into Equity
bonds (FCCB) Shares or Bullet
- IFC repayment on16th
October 2017.
3.00% p.a with the
redemption premium
at 13.39%
Foreign currency FY 2018 - 19 FCCB Holder has Unsecured 342.71 328.89 292.26
convertible option to
bonds (FCCB) convert bond into
- FMO - Equity Shares
Nederlandse or Bullet repayment
Inancierings- on 5th May 2018.
Maatschappij 3.00% p.a with the
Voor redemption premium
Ontwikkeling- at 13.39%
slanden N.V.
Foreign FY 2018 -19 FCCB Holder has Unsecured 342.10 327.78 290.83
currency option to
convertible convert bond into
bonds (FCCB) Equity Shares
- PROPARCO or Bullet repayment
- Société De starting from
Promotion Et 5th May 2018.
De Participation 3.00% p.a with the
Pour La redemption premium
Coopération at 13.39%
Économique
Bond Holders FY 2021 - 22 Senior notes Unsecured 12,626.42 - -
aggregating to
principal amount of
US$200.00 million
issued at offering
price of 98.970%
bearing interest rate
at 7.125% due on
1st February 2022.
(ii) Term loans - From others (Average interest rate for loan under category is 8.00%)
IL&FS Financial FY 2017 -18 Repayable by bullet Unsecured - 36.72 70.30
Services installment on 8thJuly
Limited 2017
From others FY 2020 - 21 The loan is repayable Unsecured 7.04 8.67 9.46
in equal installment
of $2,650 per month
till March 2021

329
 Jain Irrigation Systems Ltd.

Contd...14)Financial Liabilities (All amount in ` Million, unless otherwise stated)

Maturity Terms of
Security details 31-Mar-17 31-Mar-16 01-Apr-15
Date repayment
From others FY 2015 -16 The loan is repayable Unsecured - - 11.06
in equal monthly
installments
of $22,922, till
November 2015
From others FY 2022-23 The loan is repayable in Unsecured - - 36.52
equal yearly installment
of EUR 79,441 upto
December 2022.

(iii) Term loans - From Bank (Average interest rate for loan under category is 0.91%)
UBS AG FY 2015 -16 The loan is repayable Unsecured - - 64.04
in in 11 half yearly
installments of CHF
0.92 million to CHF
0.99 million each
starting from 16th
August 2010.
UBS AG FY 2017 -18 The loan is repayable Unsecured 83.14 176.01 248.91
in in 15 half yearly
installments of CHF
0.22 million to CHF
0.65 million each
starting from 28th
March 2011.
UBS AG FY 2018 -19 The loan is Unsecured 131.01 231.83 306.54
repayable in in
14 half yearly
installments of CHF
0.67 million each
starting from 12-
Dec-2011
UBS AG FY 2018 -19 The loan is repayable Unsecured 314.38 500.67 630.51
in in 14 half yearly
installments of CHF
0.86 million to CHF
1.21 million each
starting from 02nd
April 2012.
(iv) Liability component of compound financial instruments
Compulsory FY 2017-18 See note (i) below Unsecured 205.79 187.65 -
convertible
debentures
(CCD-1)
Compulsory FY 2020-21 See note (ii) below Unsecured 1,382.26 1,312.97 -
convertible
debentures
(CCD-2)
Sub-total 18,267.22 5,812.06 4,345.54
Total non-current borrowings 27,987.05 19,926.82 19,520.53
Less: Current maturities of non-current borrowings (5,788.08) (3,729.07) (2,950.63)
Non-current borrowings 22,198.97 16,197.75 16,569.90

330
Contd...14)Financial Liabilities (All amount in ` Million, unless otherwise stated)

(i) Compulsory convertible debentures (CCD-1)

The group has issued compulsory convertible debentures for ` 80 each on March 11, 2016. The debentures shall be
converted into equity shares at a conversion price of ` 80 per shares within 18 months from the date of issue (i.e. 11-
Sep-2017). Till conversion CCD shall carry interest rate at the rate of 5% p.a.
31-Mar-17 31-Mar-16 01-Apr-15
Face value of the debentures 2,896.00 2,896.00 -
Equity component of convertible debentures - value of conversion (2,706.29) (2,706.29) -
rights#
189.71 189.71 -
Issue costs apportioned to liability (3.49) (3.49) -
Interest expenses* 27.90 1.43 -
Interest paid (8.33) - -
Non-current borrowings 205.79 187.65 -

* Interest expense in calculated by applying the effective interest rate of 14.67% to the liability component.

# The equity component of convertible bonds has been presented in the statement of changes in equity after
considering the impact of deferred tax of ` 64.46 and issue expenses of `

(ii) Compulsory convertible debentures (CCD-2)

 2WTUWCPVVQVJGUJCTGJQNFGTUŦCRRTQXCNQPth March 2016 and other requisite approvals, the subsidiary company on
30th/CTEJJCUKUUWGFCPFCNNQVVGFGSWKV[UJCTGUJCXKPIHCEGXCNWGQH` 10.00 each at ` 770.365 each and
EQORWNUQTKN[EQPXGTVKDNGFGDGPVWTGU
%%&QH`GCEJVQ/CPFCNC2TKOTQUG%QKPXGUVOGPV.KOKVGF
Till conversion, CCDs shall carry interest at the rate of 1% per annum. In terms of the investment agreements, CCDs
UJCNNDGEQPXGTVGFKPVQGSWKV[UJCTGUKHVJG#FLWUVOGPV%QPFKVKQPUCTGOGVQTGSWKV[UJCTGUKHVJG
Adjustment Conditions are not met. Whether the adjustment conditions are met or not, conversion will be decided within
60 months from the date of issue of CCD.
31-Mar-17 31-Mar-16 01-Apr-15
Balance at the beginning of the year 1,312.97 - -
Liability portion on issue of CCD - 1,376.05 -
Issue costs apportioned to liability - (63.38) -
Interest expenses 69.38 0.30 -
Interest paid (0.09) - -
Non-current borrowings 1,382.26 1,312.97 -
(iii) these loans are also personally guaranteed by Managing director of the holding company in his personal capacity.
(iv) this loan is also personally guaranteed by four director including Managing director of the holding company in their
personal capacity.
(v) these loans are also personally guaranteed by Managing director and joint managing director of the holding company
in their personal capacity.
31-MAR-17 31-MAR-16 01-APR-15
(b) CURRENT BORROWINGS
Loans repayable on demand (Average interest rate for
loan under category is 8.40%)
- From Banks (Secured)
Working capital loans 6,737.78 11,947.54 7,731.36
Cash credit accounts 1,951.49 6,351.02 10,861.47
Export packing credit 3,251.47 2,555.94 2,414.39
Bill discounting 6.46 86.84 554.19
- From Others (Secured)
Bill discounting - 18.01 185.80
- From Banks (Unsecured)
Unsecured loans from banks 400.57 53.69 445.71
- From Others (Unsecured) -
Unsecured loans from others - 302.24 948.44
Total 12,347.77 21,315.28 23,141.36

331
 Jain Irrigation Systems Ltd.

Contd...14)Financial Liabilities (All amount in ` Million, unless otherwise stated)

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HWVWTG UVQEMU QH TCY OCVGTKCN ƒPKUJGF IQQFU UVQEMU KP RTQEGUU UVQTGU CPF URCTGU CPF QVJGT TCY OCVGTKCNU UVQTGF
whether raw or in process of manufacture and all articles manufactured there from brought into store or be in or around
the respective Company’s godowns or factory premises at respective locations, including goods in transit or delivery
and the respective Company’s present and future book debts, outstanding monies, receivable, claims, bills, contracts,
engagements, securities, investments, rights and assets of the respective companies. The Working Capital Facilities as
CDQXGCTGHWTVJGTUGEWTGFD[CUGEQPFEJCTIG
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equitable mortgage by deposits of title deeds of selected immovable properties of the respective Company together
with all buildings, structures thereon and all plant and machinery attached to earth however, excluding assets charged
exclusively as mentioned in these notes. The whole of the movable properties of the respective Company (other than
Current Assets) including its movable plant and machinery, machinery spares, tools and accessories and other movables,
both present and future save and except the moveable assets which are exclusively charged to the other lenders.

The working capital loans are also secured by perso al guarantee by the Managing Director and three other Directors of
the group in their personal capacity.

31-Mar-17 31-Mar-16 01-Apr-15

(c) FINANCIAL LIABILITIES
Current
Total outstanding dues to Micro and Small Enterprises (Refer note 32) 252.13 107.23 30.01
Total outstanding dues to others 15,128.11 13,297.67 13,519.48
Total 15,380.24 13,404.90 13,549.49
(d) OTHER FINANCIAL LIABILITIES
Non-current
Derivative liabilities 525.52 435.83 395.22
Other long term liabilities 474.41 724.87 961.54
Total 999.93 1,160.70 1,356.76
Current
Current maturities of non-current borrowings (Refer note 14(a)) 5,788.08 3,729.07 2,950.63
Current maturities of long term liabilities - - 5.37
Derivative liabilities 68.08 3.09 4.63
Interest accrued but not due on borrowings 261.68 215.22 249.55
Unpaid dividend^ 10.82 10.06 9.13
Capital creditors 172.01 77.77 150.10
Payable against Slump Sales - - 436.39
Outstanding liabilities for expenses 789.68 784.35 840.44
Liabilities towards employee benefits 658.95 641.62 351.88
Security deposits 464.41 409.88 376.47
Overdrawn bank balances - 16.10 12.41
Others payables 18.37 13.96 13.94
Total 8,232.08 5,901.12 5,400.94
^ There are no unpaid dividend which is required to be transferred to investors education protection fund

15)PROVISIONS
Non-current
Provision for employee benefits
(i) Provision for gratuity (refer note 35) 151.22 24.03 22.63
(ii) Provision for leave encashment (unfunded) (refer note 35) 117.84 68.16 64.49
269.06 92.19 87.12
Current
Provision for employee benefits
(i) Provision for gratuity (refer note 35) 231.98 209.64 177.01
(ii) Provision for leave encashment (unfunded) (refer note 35) 21.90 6.36 10.03
Other provisions
(i) Wealth tax - - 0.49
Total 253.88 216.00 187.53

332
 (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

16) INCOME TAX LIABILITIES
Income tax liabilities 167.73 86.47 63.08

17) DEFERRED TAX LIABILITIES

(i) Movement in deferred tax liabilities for the year ended 31st March 2016
01-Apr-15 Recognised in 31-Mar-16
Profit & loss OCI Equity
Deferred tax liability
Property plant and Equipment 7,056.68 (254.06) - - 6,802.62
Fair value of biological assets 57.22 (52.72) - - 4.50
Fair valuation of investments and (96.93) 1.70 - - (95.23)
derivatives
Compulsorily convertible 99.50 (79.03) - (64.46) (43.99)
debentures^
Disallowance Under Sec.43B of (54.87) (166.23) 2.49 - (218.61)
the IT Act, 1961
Carried forward losses (1,125.00) 681.06 - - (443.94)
Other current assets/Liability (367.68) 271.08 - - (96.60)
MAT tax credit (1,082.07) (23.46) - - (1,105.53)
Deferred tax liabilities (net) 4,486.85 378.34 2.49 (64.46) 4,803.22
^ Deferred tax assets in relation to equity component of Compulsorily convertible debentures has been recorded with
corresponding effect to equity
(i) Movement in deferred tax liabilities for the year ended 31st March 2017
31-Mar-16 Recognised in 31-Mar-17
Profit & loss OCI Equity
Deferred tax liability
Property plant and Equipment 6,802.62 (142.17) - - 6,660.45
Fair value of biological assets 4.50 (7.84) - - (3.34)
Fair valuation of investments and (95.23) 267.89 - - 172.66
derivatives
Compulsorily convertible (43.99) 25.77 - - (18.22)
debentures
Disallowance Under Sec.43B of (218.61) 79.86 (45.82) 1.02 (183.55)
the IT Act, 1961
Carried forward losses (443.94) 520.49 - - 76.55
Other current assets/Liability (96.60) (414.67) - - (511.27)
MAT tax credit (1,105.53) (205.80) - - (1,311.33)
Deferred tax liabilities (net) 4,803.22 123.53 (45.82) 1.02 4,881.95

31-Mar-17 31-Mar-16 01-Apr-15

18)OTHER CURRENT LIABILITIES
Current
Advances from customers 2,647.26 1,516.34 1,420.05
Excise duty on year end finished goods 161.56 130.60 110.67
Statutory liabilities 612.83 384.71 321.41
Deferred income * 734.94 907.50 1,095.39
Total 4,156.59 2,939.15 2,947.52
* includes provision for sales return and grant towards capital goods

19) REVENUE FROM OPERATIONS

31-Mar-17 31-Mar-16
Revenue from sale of products (including excise duty)
Sale of products 73,022.22 70,236.69
Less: Sales return (1,013.24) (1,021.76)
Less: Trade, other discounts and allowances (5,149.67) (6,333.59)
Total 66,859.31 62,881.34

333
 Jain Irrigation Systems Ltd.

Contd...19)Revenue from operations (All amount in ` Million, unless otherwise stated)

Revenue from rendering services

- Sale of services 976.19 922.28
- Income in respect of incomplete projects (Refer note 45) 8.07 -
Total 984.26 922.28
Other operating income
- Incentives & assistance (Refer note (i) below) 896.21 850.27
- Sale of Scrap 37.50 45.52
- Sundry balances appropriated 3.72 14.55
- Provisions no longer required written back 362.34 96.42
- Fair value changes of biological assets 161.98 (32.84)
- Income from other services 87.85 87.04
1,549.60 1,060.96
Total 69,393.17 64,864.58

(i) Detail of government grants:

Government Grant are related to investment in Jalgaon, Alwar and grant is in the form of exemption from electricity
duty, stamp duty and to receive an industrial promotional subsidy. ‘Further it also includes savings in import duty on
procurement of capital goods and export incentives under MEIS scheme.
31-Mar-17 31-Mar-16
20)OTHER INCOME
Other non-operating income
Interest received on financial assets- Carried at amortised cost 94.42 188.14
Dividend Income from non current equity instruments at FVTPL 0.01 0.01
Profit on sale of fixed assets (net) - 36.06
Foreign exchange gain (net) 495.43 -
Profit on sale of investments (net) 21.07 0.14
Fair valuation gain on equity instruments measured at FVTPL 0.15 -
Fair valuation gain on mutual funds measured at FVTPL 0.93 0.57
Fair valuation gain on embedded derivatives - 107.92
Total 612.01 332.84

21)COST OF MATERIAL CONSUMED

Inventory at the beginning of the year (excludes material in transit) 4,307.80 5,058.39
Add: purchases 39,543.76 34,779.68
Less: Inventory at the end of the year (excludes material in transit) (4,183.14) (4,307.80)
Cost of raw materials consumed 39,668.42 35,530.27

22)CHANGE IN INVENTORIES OF FINISHED GOODS AND

WORK IN PROGRESS
Inventory at the end of the year
- Finished goods (excludes material in transit) (16,586.71) (13,024.15)
- Work-in-progress (459.66) (269.69)
Total (17,046.37) (13,293.84)
Inventory at the beginning of the year
- Finished goods (excludes material in transit) 13,024.15 12,438.03
- Work-in-progress 269.69 195.30
Total 13,293.84 12,633.33
“ Excise duty related to increase / (decrease) (30.95) (20.56)
in inventory of finished goods “
Net increase/ (decrease) in inventories (3,721.58) (639.95)

23)EMPLOYEE BENEFITS EXPENSE

Salaries, wages, bonus etc. 6,803.54 6,154.65
Contribution to provident and other funds 306.58 222.14
Gratuity expense (Refer note 35) 39.75 37.05
Staff welfare expenses 233.07 250.20
Total 7,382.94 6,664.04

334
 (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16

24)DEPRECIATION AND AMORTIZATION EXPENSE

Depreciation of property, plant and equipment 2,930.86 2,902.22
Depreciation on investment properties 8.06 -
Amortisation of intangible assets 82.80 81.21
Capitalised during the year (Refer note 3[2]) (7.97) (13.03)
Total 3,013.75 2,970.40

25)OTHER EXPENSES
Consumption of stores, spares and consumables 625.82 472.03
Power and fuel 2,265.45 2,001.30
Project Site General & Installation Expenses 974.89 1,106.14
Rent (Refer note 33) 838.95 798.53
Repairs and maintenance
- Building 106.68 28.99
- Machinery 275.96 250.57
- Others 32.30 31.44
Freight outward 1,605.26 1,454.44
Processing charges 1,386.54 1,345.52
Export selling expenses 473.71 532.35
Auditor’s remuneration (Refer note 25(a)) 36.11 30.89
Legal, professional & consultancy fees 514.85 446.60
Travelling and conveyance expenses 934.29 855.46
Communication expenses 125.77 114.28
Commission and brokerage 396.51 329.21
Advertisement and sales promotion expenses 430.83 368.89
Cash discount 546.32 413.63
Irrecoverable claims 299.94 67.61
Provision for doubtful advances 169.02 244.52
Bad debts and bad advances 114.07 -
Provisions for bad and doubtful debts 120.96 326.24
Donation 36.91 3.19
Insurance 205.37 185.89
Rates and taxes 70.34 72.02
Director’s sitting fees 4.91 5.11
Commission to Directors 52.50 6.00
Corporate social responsibility expenditure (Refer note 25(b)) 11.31 6.73
Loss on derivatives 176.94 21.75
Foreign exchange loss - 341.23
Loss on sale of fixed assets (net) 46.22 -
Loss on fair valuation of embedded derivatives 54.39 -
Miscellaneous expenses 2,032.67 1,624.43
Total 14,965.79 13,484.99
25(a) Payment to auditors
As auditor
- Statutory audit# 24.47 22.04
- Tax audit 0.60 0.50
- Limited review 8.99 7.94
In Other Capacity
Certification and other matter 2.05 0.41
Total 36.11 30.89
# including for consolidated financial statement

335
 Jain Irrigation Systems Ltd.

Contd...25)Other Expenses (All amount in ` Million, unless otherwise stated)

25(b) Details of Corporate social responsibility expenditure

a) Gross amount required to be spent during the year ` 11.28 (P.Y. ` 8.19)
b) Amount spent during the year on:
Particulars In Cash Yet to be Total
paid in cash
(i) Construction/ acquisition of any asset - - -
(ii) On purposes other than (i) above 11.31 - 11.31
11.31 - 11.31

31-Mar-17 31-Mar-16

26) FINANCE COSTS

Interest expenses:
Interest on term loans 1,506.58 1,433.02
Interest on working capital loans 1,807.74 2,407.25
Interest on others 308.27 141.47
Other borrowing cost:
Discounting charges and interest 419.62 514.67
Bank commission and charges 551.30 413.70
Total 4,593.51 4,910.11
27) INCOME TAX
[a] Income tax expense is as follows:
Statement of profit and loss
Current tax:
Tax for the year 415.28 46.13
Total current tax expense 415.28 46.13
Deferred tax:
Decrease in deferred tax assets 251.98 134.36
Total deferred tax expense 251.98 134.36
Income tax expense 667.26 180.49
Other comprehensive income
Deferred tax related to OCI items:
Net loss / (gain) on remeasurements of defined benefit plans 45.82 (2.49)
Total 45.82 (2.49)

[b] Reconciliation of tax expense and the accounting profit computed by applying the Income tax rate:
For the year ended as on
Particulars 31-Mar-17 31-Mar-16
Profit before tax 2,429.64 667.30
Tax at the Indian tax rate of 34.608% 34.608% 840.85 34.608% 230.94
(2015-16: 34.608%)
Tax effects on amounts which are not deductible
(taxable) in calculating taxable income:
Incremental deduction allowed for research and (5.23%) (127.11) (19.77%) (131.93)
development cost
Amount recognised directly through equity 0.00% - (4.78%) (31.89)
Investment Allowance under Section 32 AC (0.37%) (9.02) (2.03%) (13.53)
Exempted Income (round down of income) 0.56% 13.72 (13.37%) (89.20)
Non-deductible expenses as per income tax 38.32% 931.13 44.43% 296.47
Impact on fair valuation (34.56%) (839.78) (3.07%) (20.49)
Difference in tax rates from subsidiaries 5.90% 143.34 (15.56%) (103.85)
Tax losses for which no deferred income tax was (1.84%) (44.75) 1.11% 7.42
recognised
other items (9.92%) (241.12) 5.48% 36.55
Income tax expense 27.46% 667.26 27.05% 180.49
 #DQXGYQTMKPIUCTGDCUGFQPRTQXKUKQPCNEQORWVCVKQPQHVCZGZRGPUGUCPFUWDLGEVVQƒPCNKUCVKQPKPENWFKPIVJCVQHVCZ
audit or otherwise in due course.

336
 (All amount in ` Million, unless otherwise stated)

28)SHARE BASED PAYMENTS

(i) Details of the scheme - Employee Stock option plan
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Committee (formerly Compensation committee) of the Holding Company has approved/ allotted following options to
the eligible employees including working & non-executive directors.
(ii) Set out below is a summary of options granted under the plan :
Particular 31-Mar-17 31-Mar-16
Average No. of Average No. of options
exercise price options exercise price
per share (`) per share
Opening balance 54.40 2,946,075 54.40 2,946,075
Granted during the year - -
Exercised during the year * 54.40 (2,946,075) - -
Forfeited during the year - -
Closing balance - 54.40 2,946,075
Vested and exercisable 2,946,075
(iii) Share option outstanding at the end of year has following expiry date and exercise price:
Grant Date Exercise Share Share Share Maximum
Price Options Options Options terms of
(`) 31-Mar-17 31-Mar-16 1-Apr-15 options
27-Jan-07 54.40 - 141,950 141,950 7 years
04-Jun-07 54.40 - 275,375 275,375 7 years
14-Jan-08 54.40 - 28,750 28,750 7 years
27-Jun-08 54.40 - 2,500,000 2,500,000 7 years
Total 2,946,075 2,946,075

29) EARNING PER SHARE

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NQUURGTUJCTGKUECNEWNCVGFD[FKXKFKPIVJGRTQƒV
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group by the weighted average of equity shares outstanding during the year.

Particular 31-Mar-17 31-Mar-16

(a) Basic earning per share
From continuing operation attributable to equity share holder 3.29 1.05
Total basic earning per share 3.29 1.05
(b) Diluted earning per share
From continuing operation attributable to equity share holder 3.29 1.05
Total Diluted earning per share 3.29 1.05

(c) Reconciliation of earning used in calculating EPS

Basic earning per share
Profit attributable to the equity share holders of The group used in calculating basic 1,694.72 483.96
earning per share
Diluted earning per share
Profit attributable to the equity share holders of The group used in calculating basic 1,694.72 483.96
earning per share
Profit attributable to the equity share holders of The group used in calculating 1,694.72 483.96
diluted earning per share

(d) Weighted average number of shares used as denominator

Weighted average number of shares used as denominator in calculating basic earning 514.41 462.92
per share
Adjustment for calculation of diluted earning per share
Employee stock options - 0.14
Foreign currency convertible bonds (i) - -
Weighted average number of shares used as denominator in calculating 514.41 463.06
diluted earning per share
(i) Foreign currency convertible bonds are anti dilutive and thus not considered in
calculating Dilutive Earning Per Share.

337
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

30) CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Contingent Liabilities
Contingent liabilities not provided for in respect of 31-Mar-17 31-Mar-16 01-Apr-15
(i) Claims not acknowledged as debts in respect of:
Customs and excise duty [Paid under protest ` 40.44 (PY ` 49.39)] 408.52 584.48 570.30
- Excise duty [paid under protest ` 24.02 (PY ` 32.97)] 352.91 537.06 519.95
- Service Tax [paid under protest `16.42 (PY `16.42)] 55.61 47.42 50.35
Other taxes & levies [Paid under protest ` 111.46 (PY ` 43.41)] 194.22 199.37 118.26
- Sales Tax,VAT,CST [Paid under protest ` 93.87 (PY ` 25.82)] 167.37 172.52 85.94
- Income Tax [Paid under protest ` 17.59 (PY ` 17.59)] 26.85 26.85 32.32
Others (legal case) 79.72 81.79 62.08
(ii) Performance guarantees given by the Group’s bankers in the 6,976.38 6,365.34 4,325.47
normal course of business
(iii) Export obligation towards duty saved amount by the Group under 28.55 45.46 78.79
EPCG scheme
(iv) Corporate guarantees given for repayment of indebtedness of 640.00 500.00 -
associate
(v) In case of one of our subsidiary, NaandanJain Irrigation Ltd. is committed to pay royalties to the Israeli government based on
the sales proceeds from products for which the government participated in financing their research and development. The
royalty rate is 2% and 3% on transferring production to related parties. The future cumulative royalties expected to be paid
in the future will not exceed 100% and 120% respectively of the amount of the Israeli Government’s participation (excluding
interest), linked to the exchange rate of the U.S. dollar.
(vi) In 2006, one of our subsidiary NaandanJain Irrigation Ltd. (“the Company”) filed a claim against one of its customer (the
company and the individual), in the amount of approx. NIS 150,000. The customer filed a counter claim in the amount of NIS
2,500,000 for alleged breach of contract and damages caused to him with respect to his commercial activities. Mediation
failed. During February, 2016 the parties have reached an agreement were all claims will be dismissed and the company
will pay NIS 300,000 as final and undisputable compensation to the customer. There is no payments outstanding as at
31-Mar-2017.
In respect of (i) above, the group has taken necessary legal steps to protect its position in respect of these claims, which,
in its opinion, based on legal advice, are not expected to devolve. It is not possible to make any further determination of
the liabilities, which may arise, or the amounts, which may be refundable in respect of these claims.

31) COMMITMENTS
31-Mar-17 31-Mar-16 01-Apr-15
Capital commitments
Capital expenditure contracted for at end of the year but not
recognised as liabilities is as follows :
Estimated amount of contracts remaining to be executed on capital 693.37 470.27 338.38
account (Property, plant and equipments) and not provided for (net of
advances)
Other commitments
In case of one of our subsidiary, NaandanJain Irrigation Ltd. (“the 4.68 0.81 12.80
Subsidiary Company”) has entered into a financing agreement with a
leasing company. Pursuant to the agreement, customers interested in
purchasing irrigation equipment produced or marketed by the Subsidiary
Company under a financing lease, are referred to the leasing company. The
leasing company sends the sales proceeds to the Subsidiary Company
in cash. The group has undertaken to pay to the leasing company
(instead of the lessees) amounts past due, if any. The amount of credit
given by the leasing company at the Balance Sheet date are specified.
698.05 471.08 351.18

32) Small and Medium Enterprise

To the extent, The group has received intimation from the “suppliers”
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006, the details are provided as under:
Principal amount remaining unpaid at the end of the year 252.13 107.23 30.01
Interest due thereon 2.82 4.01 -
Interest remaining accrued and unpaid at the end of the year 6.83 4.01 -
Total Interest accrued and remained unpaid at year end 6.83 4.01 -

338
 (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

33) Lease
(i) Operating Lease
The group has entered into “Operating lease for premises” as defined in
the Indian Accounting Standard 17 (Ind AS-17). Significant terms of the
lease agreement are:
a)  No transfer of ownership on termination of lease,
b)  No compensation for transfer on termination of lease.
c)  No renewal of lease on expiry of the lease period
The future minimum lease payments (MLP) under non-cancelable operating lease in the aggregate and for each of the
following periods are as under:
Particulars 31-Mar-17 31-Mar-16 01-Apr-15
Not later than one year 305.51 224.49 296.07
Later than one year and not later than five years 584.53 765.52 709.73
Later than five years 774.68 679.71 730.77
Aggregate amount of operating lease rent debited to Consolidated Statement of Profit and Loss during the year is ` 838.95
(PY ` 798.53)
(ii) Finance Lease
 (KPCPEGNGCUGEQPUKUVQHXGJKENGURNCPVCPFGSWKROGPVUYJKEJJCXGDGGPRWTEJCUGFD[VJGITQWRQPƒPCPEGNGCUGDCUKU
31-Mar-17 31-Mar-16 01-Apr-15
Particulars Future Present Future Present Future Present
Minimum Value of Minimum Value of Minimum Value of
Lease MLP Lease MLP Lease MLP
Payment Payment Payment
Not later than one year 147.69 132.07 145.40 127.61 123.55 109.56
Later than one year and not later 195.52 167.85 312.51 271.23 325.24 289.80
than five years
Later than five years - - 8.70 8.42 20.40 16.23
Total Minimum lease payments 343.21 299.92 466.61 407.26 469.19 415.59
less : amounts representing 43.29 - 59.35 - 53.60 -
finance charges.
Present value of minimum lease 299.92 299.92 407.26 407.26 415.59 415.59
payments

34) EVENTS OCCURING AFTER THE REPORTING PERIOD

Jain America Holding Inc., USA (JAH) (step down Subsidiary of Jain Irrigation Systems Ltd.) has acquired 80% stake in 2
US entities in the United States’ largest micro irrigation dealers Agri Valley Irrigation LLC (“AVI”) and Irrigation Design and
Construction, LLC (“IDC”). Jain Distribution Holding Inc., USA (JDH) is a wholly owned subsidiary of JAH. The transaction is
ƒPCPEGFXKCOKNNKQP[GCTPQVGHTQO'ZKO$CPM+PFKCVQ,#*CNQPIYKVJVYQPGYPQVGUHTQOCPCHƒNKCVGEQORCPKGUVQ,#*
CIITGICVKPIOKNNKQP
OKNNKQPQHPGYƒPCPEKPIVQVCNOKNNKQP'ZKOPQVGKUUGEWTGFD[VJGEQNNCVGTCNQHVJGVYQPGY
target companies. In addition, JAH is pledging its equity ownership in the two new target companies as collateral to Exim bank.
The Holding Company is guaranteeing the Exim note and is providing additional collateral at the Holding Company level as well.
The Exim note is dated May 5, 2017. Exim funding and the related AVI and IDC transactions closed on 12th May 2017.

35) EMPLOYEE BENEFIT OBLIGATIONS OF HOLDING AND INDIAN SUBSIDIARY

COMPANY
(a) Defined Contribution plans
Provident Fund: Contribution towards provident fund for employees is made to the regulatory authorities, where the
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carry any further obligations, apart from the contributions made on a monthly basis.
(b) Defined Benefit plans
Gratuity: 6JG ITQWR RTQXKFGU HQT ITCVWKV[ C FGƒPGF DGPGƒV RNCP
VJG ũ)TCVWKV[ 2NCPŪ EQXGTKPI GNKIKDNG GORNQ[GGU
KPCEEQTFCPEGYKVJVJG2C[OGPVQH)TCVWKV[#EV6JG)TCVWKV[2NCPRTQXKFGUCNWORUWORC[OGPVVQXGUVGF
employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective
GORNQ[GGŦUUCNCT[CPFVJGVGPWTGQHGORNQ[OGPV6JGITQWRŦUNKCDKNKV[KUCEVWCTKCNN[FGVGTOKPGF
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Unit Credit method) at the end of each year. The fair value of the plan assets of the trust administered by the group, is
deducted from the gross obligation.

339
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

(i) Movement of defined benefit obligation and plan assets

 6JGCOQWPVUTGEQIPKUGFKPVJG$CNCPEG5JGGVCPFVJGOQXGOGPVUKPVJGPGVFGƒPGFDGPGƒVQDNKICVKQPQXGTVJG
year are as follows:
Particular Present value Fair value of Net Amount
of obligation plan assets
AS AT 01-APR-2015 247.44 (153.17) 94.27
Current service cost 29.54 - 29.54
Interest expenses (income) 19.70 (12.19) 7.51
Total amount recognised in profit and loss 49.24 (12.19) 37.05
Remeasurements - - -
Return on plan assets, excluding amount included in interest expenses
- 2.28 2.28
(income)
(Gain)/loss from change in demographic assumption - - -
(Gain)/loss from change in financial assumption (2.37) - (2.37)
Experience (gain)/ losses (7.10) - (7.10)
Total amount recognised in other comprehensive income (9.47) 2.28 (7.19)
Exchange Difference - - -
Employer contributions - - -
Benefit payments (12.93) - (12.93)
AS AT 31-MAR-2016 274.28 (163.08) 111.20

Present value Fair value of Net Amount

of obligation plan assets
AS AT 31-MAR-2016 274.28 (163.08) 111.20
Current service cost 30.77 - 30.77
Interest expenses (income) 22.16 (13.18) 8.98
Total amount recognised in profit and loss 52.93 (13.18) 39.75
Remeasurements
Return on plan assets, excluding amount included in interest expenses - (6.05) (6.05)
(income)
(Gain)/loss from change in demographic assumption - - -
(Gain)/loss from change in financial assumption 44.23 - 44.23
Experience (gain)/ losses 94.23 - 94.23
Total amount recognised in other comprehensive income 138.46 (6.05) 132.41
Employer contributions - - -
Benefit payments (9.84) - (9.84)
AS AT 31-MAR-2017 455.83 (182.31) 273.52

Particulars 31-Mar-17 31-Mar-16 01-Apr-15

(ii) Net assets / liabilities
An analysis of net (deficit)/assets is provided below for The group’s
principal defined benefit gratuity scheme.
Present value of funded obligations 455.80 274.26 247.44
Fair value of plan assets # (182.31) (163.08) (153.17)
Deficit of gratuity plan 273.49 111.18 94.27
# Planned assets are with ICICI prudential group gratuity plan in
debt fund.
(iii) Analysis of plan assets is as follows:
Insurer managed funds (%) 100% 100% 100%
Others (%) 0% 0% 0%
Total 100% 100% 100%

340
 (All amount in ` Million, unless otherwise stated)

(iv) Actuarial assumptions and sensitivity analysis

31-Mar-17 31-Mar-16
Salary growth rate 7.00% p.a. 6.00% p.a.
for the next 5 for the next 5
years, 4.00% years, 4.00%
p.a. thereafter, p.a. thereafter,
starting from starting from
the 6th year the 6th year
Discount rate 7.34% 8.08%
Expected rate of return on plan assets 7.34% 8.08%
Attrition rates 2.00% 2.00%
Mortality Rate During Employment Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2006-08) (2006-08)
Mortality Rate After Employment N.A N.A
Notes:
1) Discount rate: The discount rate is based on the prevailing market yields of Indian government securities for the
estimated term of the obligations.
2) Salary escalation rate: The estimates of future salary increases considered takes into account the inflation, seniority,
promotion and other relevant factors.
3) Assumptions regarding future mortality experience are set in accordance with the statistics published by the Life
Insurance Corporation of India.

 5GPUKVKXKV[QHVJGFGƒPGFDGPGƒVQDNKICVKQPVQEJCPIGUKPYGKIJVGFRTKPEKRCNCUUWORVKQPUKU
Impact on present benefit obligation
31-Mar-17 31-Mar-16
Discount rate - Increase by 0.5% (19.65) (9.45)
Discount rate- Decrease by 0.5% 21.24 10.18
Salary growth rate - Increase by 0.5% 21.58 10.46
Salary growth rate- Decrease by 0.5% (20.11) (9.77)
Attrition rate - Increase by 0.5% 5.69 3.64
Attrition rate- Decrease by 0.5% (6.13) (3.90)
The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In
practice it is unlikely to occur, and changes in some of the assumptions may be correlated. The methods and types of
assumption used in preparing the sensitivity analysis did not change compared to previous period.

Defined benefit liability and employer contribution:

 6JGITQWRJCUCITGGFVJCVKVYKNNGNKOKPCVGVJGFGƒEKVKPFGƒPGFDGPGƒVQDNKICVKQPQXGTVJGPGZV[GCTU(WPFKPINGXGNU
CTGOQPKVQTGFCPPWCNN[6JGITQWREQPUKFGTUVJCVVJGEQPVTKDWVKQPTCVGUUGVCVVJGNCUVXCNWCVKQPFCVGCTGUKIPKƒECPVVQ
GNKOKPCVGVJGFGƒEKVQXGTVJGCITGGFRGTKQF

The expected maturity analysis of undiscounted gratuity is as follows:

Less than a Between Between Over 5 years Total

year 1-2 years 2-5 years
31-MAR-17
Defined benefit obligations (gratuity) 43.32 45.92 63.88 210.61 363.73
31-MAR-16
Defined benefit obligations (gratuity) 27.00 28.27 40.59 131.89 227.75
(WTVJGTEQPVTKDWVKQPVQ&GƒPGFEQPVTKDWVKQPRNCPTGEQIPKUGFCUGZRGPUGHQTVJG[GCTCUWPFGT
C'ORNQ[GTUEQPVTKDWVKQPVQ2TQXKFGPVHWPF`
2;` 50.08) deposited with concerned authority.
D'ORNQ[GTUEQPVTKDWVKQPVQ2GPUKQPUEJGOG`
2;` 70.70) deposited with concerned authority.
c) Employers contribution to Superannuation fund `
2;` 55.45) managed by a Trust.
d) Employers contribution to ESIC `
2;` 1.25)
e) Employers contribution to State Labour welfare fund `
2;` 0.45)
The net of provision for unfunded leave encashment liability up to March 2017 is `
2;` 74.52)

341
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

36) SEGMENT INFORMATION

(a) Description of segment and principal activities
The group has disclosed business segment as the primary segment and type of products and services in each
UGIOGPVC*KVGEJ#ITK+PRWV2TQFWEVU/KETQ5RTKPMNGT+TTKICVKQP5QNCT#ITK2WOR+PVGITCVGF+TTKICVKQP2TQLGEVU
CPF6KUUWG%WNVWTGRNCPVUD2NCUVKE&KXKUKQPKPENWFGU28%RKRKPIRTQFWEVU2'RKRKPIRTQFWEVU2KRKPIRTQLGEVUCPF
2NCUVKEUJGGVUE#ITQ2TQEGUUKPI&KXKUKQPKPENWFGU(TWKVU1PKQPRTQFWEVUCPF$KQICUF1VJGTDWUKPGUUFKXKUKQP
includes Equipment manufacturing, Solar thermal products, Solar photovoltaic grid and Off grid products and also
includes Solar power generation investments to reduce cost of power and Agri R&D activities.
(b) Information about reportable segment
 5GIOGPV RTQƒV GZENWFGU ICKPU QT NQUUGU QP ƒPCPEKCN KPUVTWOGPVU KPVGTGUV KPEQOG CPF ƒPCPEG EQUVU EQOOQP
administration cost, unallocable other income and expenses like provisions and write offs are not allocated to
segments.
Particular 31-Mar-17 31-Mar-16
Hi-tech Agri Input Product Division 5,614.81 5,178.62
Plastic Division 1,385.62 1,324.91
Agro Processing Division 1,700.02 1,742.35
Other Business Division 355.49 (428.37)
Segment Profit 9,055.94 7,817.51
Finance cost 4,593.51 4,910.11
Other unallocable expenses 2,055.42 2,272.04
Profit before income tax 2,407.01 635.36
(c) Segment revenue
Hi-tech Agri Input Product Division 32,244.77 30,212.90
Plastic Division 17,967.80 16,810.99
Agro Processing Division 16,045.20 15,499.25
Other Business Division 3,135.40 2,341.44
Total segment revenue 69,393.17 64,864.58
Revenue from external customers
India 38,406.97 35,631.69
Europe 12,883.72 12,383.32
USA 8,827.96 7,669.07
Other countries 9,274.52 9,180.50
Total 69,393.17 64,864.58

(d) Segment assets:

 5GIOGPVCUUGVUCTGOGCUWTGFKPVJGUCOGYC[CUKPVJGƒPCPEKCNUVCVGOGPVU6JGUGCUUGVUCTGCNNQECVGFDCUGFQPVJG
operations of the segment and the physical location of the asset.
31-Mar-17 31-Mar-16 01-Apr-15
Hi-tech Agri Input Product Division 43,604.99 50,695.56 53,198.13
Plastic Division 13,620.97 15,220.91 12,953.66
Agro Processing Division 26,982.68 24,972.05 18,626.46
Other Business Division 5,579.93 2,949.52 5,386.66
Segment assets 97,777.77 93,838.04 90,164.91
Add: Unallocable assets 21,766.27 13,946.36 13,303.09
Total Assets 111,554.84 107,784.40 103,468.00

Segment Asset include 31-Mar-17 31-Mar-16

Capital Expenditure:
Hi-tech Agri Input Product Division 880.90 672.63
Plastic Division 442.42 255.79
Agro Processing Division 1,038.39 795.39
Other Business Division 639.77 821.24
 6JGVQVCNQHPQPEWTTGPVCUUGVUGZENWFKPIFGHGTTGFVCZCUUGVUKPEQOGVCZCUUGVUIQQFYKNNQPEQPUQNKFCVKQPƒPCPEKCN
assets & equity accounted investees:

342
 (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

India 38,976.49 39,379.77 39,974.32
Europe 725.93 732.28 656.38
USA 4,049.92 3,896.10 3,476.48
Other countries 2,471.63 2,307.86 2,343.94
Total non current assets 46,223.97 46,316.01 46,451.12

(e) Segment liabilities:

 5GIOGPVNKCDKNKVKGUCTGOGCUWTGFKPVJGUCOGYC[CUKPVJGƒPCPEKCNUVCVGOGPVU6JGUGNKCDKNKVKGUCTGCNNQECVGFDCUGFQP
the operations of the segment and the physical location of the assets

Particular 31-Mar-17 31-Mar-16 01-Apr-15

Hi-tech Agri Input Product Division 13,557.01 13,030.48 12,890.15
Plastic Division 5,821.13 6,831.21 7,209.93
Agro Processing Division 14,524.23 11,578.12 8,098.39
Other Business Division 1,483.60 1,234.94 1,622.61
Segment liabilities 35,385.97 32,674.75 29,821.08
Add: Unallocable liabilities 34,591.26 34,466.98 37,969.47
Total liabilities 69,977.23 67,141.73 67,790.55

37) Related party transactions

[A] Related parties and their relation
[1] Companies/ Firms in which Director, Director’s relatives are Directors/Shareholders/Partners:
Companies
Jain Extrusion & Molding Pvt. Ltd.,
Jain Vanguard Polybutylene Ltd.,
Atlaz Technology Pvt. Ltd.,
JAF Products Pvt. Ltd.,
Jalgaon Investments Pvt. Ltd.,
Jain Rotfil Heaters Pvt. Ltd.,
Jain e-agro.com India Pvt. Ltd.,
Kantabai Bhavarlal Jain Family Knowledge Institute
Pixel Point Pvt. Ltd.,
Labh Subh Securities International Ltd.,
Jain Brothers Industries Pvt. Ltd.,
Cosmos Investment & Trading Pvt. Ltd.,
Stock & Securities (India) Pvt. Ltd.,
Timbron India Pvt. Ltd.,
Gandhi Research Foundation
Aadhunik Hi-Tech Agriculture Pvt. Ltd.

Partnership firms Proprietorship

Jain Computer & Allied Services, PVC Trading House,
Jalgaon Metal & Bricks Manufacturing Co., Drip & Pipe Suppliers,
Jalgaon Udyog, Plastic Enterprises,
Jain Sons & Investments Corporation,

Trust / Section 8 Companies Trust entities

Anubhuti Scholarship Foundation, Jain Family Holding Trust
Bhavarlal and Kantabai Jain Multipurpose Foundation, Jain Family Enterprises Trust
Jain Family Trust
Foreign companies: Jain Family Investment Trust
Jain Investments & Finance B.V., Netherland Jain Family Investment Management Trust
Jain Overseas Investments Ltd., Mauritius

[2] Key management personnel:

Shri. Ashok B. Jain (Chairman) Shri. Atul B. Jain (Joint Managing Director)
Shri. Anil B. Jain (Vice Chairman and Managing Director) Shri. R. Swaminathan (Whole Time Director)
Shri. Ajit B. Jain (Joint Managing Director) Shri. Manoj L. Lodha (Chief Financial Officer)
Shri. Avdhut V. Ghodgaonkar (Company Secretary)

[3] Relatives of Key management personnel:

Smt. Jyoti Ashok Jain (Wife of Ashok B. Jain) Smt. Shobhana Ajit Jain (Wife of Ajit B Jain)
Smt. Nisha Anil Jain (Wife of Anil B. Jain) Smt. Bhavana Atul Jain (Wife of Atul B Jain)
Shri. Athang Anil Jain (Son of Anil B. Jain)

[4] Associate Company

Sustainable Agro-Commercial Finance Ltd.
Dansystems S.A., Chile

343
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

[B] Transactions & balances party-wise
Sr. Transactions [1] [2] [3] [4] Total
1 Purchase of Goods 2.13 - - - 2.13
- - - - -
Gandhi Research Foundation 0.75 - - - 0.75
- - - - -
Bhavarlal and Kantabai Jain Multipurpose Foundation 1.38 - - - 1.38
- - - - -

2 Other expenditure - - - 35.10 35.10

- - - (35.10) (35.10)
Sustainable Agro-Commercial Finance Ltd - - - 35.10 35.10
- - - (35.10) (35.10)
3 24.64 - - 0.22 24.86
Sale of Goods
(3.91) - - (2.91) (6.82)
Bhavarlal and Kantabai Jain Multipurpose Foundation 10.45 - - - 10.45
(1.58) - - - (1.58)
Gandhi Research Foundation 0.70 - - - 0.70
(2.33) - - - (2.33)
Sustainable Agro-Commercial Finance Ltd - - - 0.22 0.22
- - - (2.91) (2.91)
Aadhunik Hi-Tech Agriculture Pvt. Ltd 13.49 - - - 13.49
- - - - -

4 Rent Expenses 3.06 28.60 21.79 - 53.46

(3.05) (28.60) (21.79) - (53.44)
Shri. Ashok B. Jain - 6.87 - - 6.87
- (6.87) - - (6.87)
Shri. Ajit B. Jain - 17.00 - - 17.00
- (17.00) - - (17.00)
Shri. Atul B. Jain - 4.73 - - 4.73
- (4.73) - - (4.73)
Smt. Jyoti Ashok Jain - - 5.80 - 5.80
- - (5.80) - (5.80)
Smt. Nisha Anil Jain - - 14.13 - 14.13
- - (14.13) - (14.13)
Smt. Shobhana Ajit Jain - - 0.93 - 0.93
- - (0.93) - (0.93)
Smt. Bhavana Atul Jain - - 0.93 - 0.93
- - (0.93) - (0.93)
Drip & Pipe Suppliers 0.40 - - - 0.40
(0.40) - - - (0.40)
JAF Products Pvt. Ltd. 0.08 - - - 0.08
(0.08) - - - (0.08)
Jain Brothers Industries Pvt. Ltd 2.47 - - - 2.47
(2.46) - - - (2.46)
Jain Computers & Allied Services 0.11 - - - 0.11
(0.11) - - - (0.11)

5 Donation 35.10 - - - 35.10

(1.23) - - - (1.23)
Bhavarlal and Kantabai Jain Multipurpose Foundation 3.60 - - - 3.60
(1.23) - - - (1.23)
Gandhi Research Foundation 31.50 - - - 31.50
- - - - -

6 Remuneration & Fees - 201.65 2.62 - 204.27

- (115.70) (0.60) - (116.30)
Shri. Ashok B Jain - 44.99 - - 44.99
- (23.88) - - (23.88)

344
 (All amount in ` Million, unless otherwise stated)

Sr. Transactions [1] [2] [3] [4] Total

Shri. Anil B Jain - 44.99 - - 44.99
- (24.03) - - (24.03)
Shri. Ajit B Jain - 44.99 - - 44.99
- (23.88) - - (23.88)
Shri. Atul B Jain - 44.99 - - 44.99
- (23.88) - - (23.88)
Shri. R. Swaminathan - 5.90 - - 5.90
- (6.20) - - (6.20)
Shri. Manoj Lodha - 9.60 - - 9.60
- (8.47) - - (8.47)
Shri. A.V. Ghodgaonkar - 6.19 - - 6.19
- (5.36) - - (5.36)
Shri. Athang Anil Jain - - 2.62 - 2.62
- - (0.60) - (0.60)
7 Loans & Other Advances Given - 2.00 - - 2.00
- (8.99) - - (8.99)
Shri. Manoj Lodha - 2.00 - - 2.00
- - - - -
Shri. A.V. Ghodgaonkar - - - - -
- (8.99) - - (8.99)
8 Interest on Loans Taken - - - 19.04 19.04
- - - (5.51) (5.51)
Sustainable Agro-Commercial Finance Ltd - - - 19.04 19.04
- - - (5.51) (5.51)
9 Loans & Advances Taken - - - 670.00 670.00
- - - (400.00) (400.00)
Sustainable Agro-Commercial Finance Ltd - - - 670.00 670.00
- - - (400.00) (400.00)
10 Rent Received - - - 0.21 0.21
- - - (0.18) (0.18)
Sustainable Agro-Commercial Finance Ltd - - - 0.21 0.21
- - - (0.18) (0.18)

11 Loan And Advances Taken Repaid - - - 670.00 670.00

- - - (400.00) (400.00)
Sustainable Agro-Commercial Finance Ltd - - - 670.00 670.00
- - - (400.00) (400.00)

12 Loans and Advances repaid 10.00 - - - 10.00

(6.84) - - - (6.84)
Bhavarlal and Kantabai Jain Multipurpose Foundation 10.00 - - - 10.00
(6.84) - - - (6.84)

13 Capitalization of Advances Given 264.99 - - - 264.99

- - - - -
Gandhi Research Foundation 264.99 - - - 264.99
- - - - -
Sr. Balances as at [1] [2] [3] [4] Total
1 2017 Investment in - - - 789.00 789.00
2016 - - - (678.92) (678.92)
2015 - - - (646.99) (646.99)
2017 Sustainable Agro-Commercial Finance Ltd - - - 737.17 737.17
2016 - - - (623.58) (623.58)
2015 - - - (596.44) (596.44)
2017 Dansystems S.A., Chile - - - 51.83 51.83
2016 - - - (55.34) (55.34)
2015 - - - (50.55) (50.55)

345
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Sr. Balances as at [1] [2] [3] [4] Total

2 2017 Accounts Receivable 11.76 - - - 11.76

2016 (3.40) - - - (3.40)
2015 (0.06) - - - (0.06)
2017 Gandhi Research Foundation - - - - -
2016 (2.03) - - - (2.03)
2015 - - - - -
2017 Bhavarlal and Kantabai Jain Multipurpose 11.76 - - - 11.76
2016 Foundation (1.37) - - - (1.37)
2015 - - - - -
2017 Aadhunik Hi-Tech Agriculture Pvt. Ltd - - - - -
2016 - - - - -
2015 (0.06) - - - (0.06)
3 2017 Accounts Payable 11.16 - - 6.95 18.11
2016 (24.75) - - (3.19) (27.94)
2015 (0.57) - - (1.82) (2.39)
2017 Aadhunik Hi-Tech Agriculture Pvt. Ltd 11.16 - - - 11.16
2016 (24.69) - - - (24.69)
2015 - - - - -
2017 Sustainable Agro-Commercial Finance Ltd - - - 6.95 6.95
2016 - - - (3.19) (3.19)
2015 (1.82) (1.82)
2017 Bhavarlal and Kantabai Jain Multipurpose - - - - -
2016 Foundation - - - - -
2015 (0.21) - - - (0.21)
2017 Gandhi Research Foundation - - - - -
2016 (0.06) - - - (0.06)
2015 (0.36) (0.36)

4 2017 Advance Given 24.76 37.16 - - 61.92

2016 (299.75) (39.85) - - (339.60)
2015 (306.68) (32.79) - (0.02) (339.49)
2017 Gandhi Research Foundation - - - - -
2016 (264.99) - - - (264.99)
2015 (265.08) (265.08)
2017 Bhavarlal and Kantabai Jain Multipurpose 24.76 - - - 24.76
2016 Foundation (34.76) - - - (34.76)
2015 (41.60) - - - (41.60)
2017 Shri. Manoj Lodha - 22.28 - - 22.28
2016 - (20.02) - - (20.02)
2015 (21.76) (21.76)
2017 Shri. A.V.Ghodgaonkar - 14.88 - - 14.88
2016 - (19.83) - - (19.83)
2015 (11.03) (11.03)
2017 Sustainable Agro-Commercial Finance Ltd - - - - -
2016 - - - - -
2015 - - - (0.02) (0.02)

5 2017 Deposit Receivable 23.21 241.84 184.44 - 449.49

2016 (25.68) (267.57) (204.06) - (497.31)
2015 (28.15) (293.31) (223.68) - (545.14)
2017 Shri. Ashok B. Jain - 58.09 - - 58.09
2016 - (64.27) - - (64.27)
2015 - (70.45) - - (70.45)
2017 Shri. Ajit B. Jain - 143.69 - - 143.69
2016 - (158.98) - - (158.98)
2015 - (174.28) - - (174.28)
2017 Shri. Atul B. Jain - 40.06 - - 40.06
2016 - (44.32) - - (44.32)
2015 - (48.58) - - (48.58)

346
 (All amount in ` Million, unless otherwise stated)

Sr. Balances as at [1] [2] [3] [4] Total

2017 Smt. Jyoti Ashok Jain - - 49.06 - 49.06
2016 - - (54.28) - (54.28)
2015 - - (59.50) - (59.50)
2017 Smt. Nisha Anil Jain - - 119.54 - 119.54
2016 - - (132.26) - (132.26)
2015 - - (144.98) - (144.98)
2017 Smt. Shobhana Ajit Jain - - 7.92 - 7.92
2016 - - (8.76) - (8.76)
2015 - - (9.60) - (9.60)
2017 Smt. Bhavana Atul Jain - - 7.92 - 7.92
2016 - - (8.76) - (8.76)
2015 - - (9.60) - (9.60)
2017 Jain Brothers Industries Pvt. Ltd 18.12 - - - 18.12
2016 (20.05) - - - (20.05)
2015 (21.99) - - - (21.99)
2017 Jalgaon Shop Drip & Pipe Supplier 3.44 - - - 3.44
2016 (3.80) - - - (3.80)
2015 (4.16) - - - (4.16)
2017 Jain Computers & Allied Services 0.96 - - - 0.96
2016 (1.07) - - - (1.07)
2015 (1.17) - - - (1.17)
2017 JAF Products Pvt. Ltd. 0.69 - - - 0.69
2016 (0.76) - - - (0.76)
2015 (0.83) - - - (0.83)
Note:
 2TGXKQWU[GCTŦUƒIWTGUCTGIKXGPKPDTCEMGV   
 =?%QORCPKGU(KTOUKPYJKEJFKTGEVQTFKTGEVQTŦUTGNCVKXGUCTG&KTGEVQTU5JCTGJQNFGTU2CTVPGTU
[2] * Key management personnel
[3] * Relatives of Key management personnel
[4] * Associate Company

38)Transition to Ind AS
 6JGUGCTG)TQWRŦUƒTUVEQPUQNKFCVGFƒPCPEKCNUVCVGOGPVURTGRCTGFKPCEEQTFCPEGYKVJ+PF#56JGCEEQWPVKPIRQNKEKGUUGV
QWVKPPQVGJCXGDGGPCRRNKGFKPRTGRCTKPIVJGƒPCPEKCNUVCVGOGPVUHQTVJG[GCTGPFGF/CTEJVJGEQORCTCVKXG
KPHQTOCVKQPRTGUGPVGFKPVJGUGƒPCPEKCNUVCVGOGPVUHQTVJG[GCTGPFGFst March 2016 and in the preparation of an
opening Ind AS Balance Sheet at 1st April 2015 (The group’s date of transition). In preparing its opening Ind AS Balance
5JGGVVJG)TQWRJCUCFLWUVGFVJGCOQWPVUTGRQTVGFRTGXKQWUN[KPƒPCPEKCNUVCVGOGPVURTGRCTGFKPCEEQTFCPEGYKVJVJG
CEEQWPVKPIUVCPFCTFUPQVKƒGFWPFGT%QORCPKGU
#EEQWPVKPI5VCPFCTFU4WNGU
CUCOGPFGFCPFQVJGTTGNGXCPV
RTQXKUKQPUQHVJG#EV
RTGXKQWU)##2QT+PFKCP)##2

A. Exemptions and exceptions availed

A.1 Ind AS mandatory exceptions
A.1.1) Estimates
An Group’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with
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CHVGT CFLWUVOGPVU VQ TGHNGEV CP[
difference in accounting policies), unless there is objective evidence that those estimates were in error.
Ind AS estimates as at 1st April 2015 are consistent with the estimates as at the same date made in conformity with
RTGXKQWU)##26JG)TQWROCFGGUVKOCVGUHQTHQNNQYKPIKVGOUKPCEEQTFCPEGYKVJ+PF#5CVVJGFCVGQHVTCPUKVKQPCU
VJGUGYGTGPQVTGSWKTGFWPFGTRTGXKQWU)##2
 +PXGUVOGPVKPGSWKV[KPUVTWOGPVUECTTKGFCV(82.QT(81%+
 +PXGUVOGPVKPFGDVKPUVTWOGPVUECTTKGFCV(82.CPF
 +ORCKTOGPVQHƒPCPEKCNCUUGVUDCUGFQPGZRGEVGFETGFKVNQUUOQFGN
4) Biological asset.
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 +PF #5  TGSWKTGU C ƒTUVVKOG CFQRVGT VQ CRRN[ VJG FGTGEQIPKVKQP RTQXKUKQPU QH +PF #5  RTQURGEVKXGN[ HQT
VTCPUCEVKQPUQEEWTTKPIQPQTCHVGTVJGFCVGQHVTCPUKVKQPVQ+PF#5*QYGXGT+PF#5CNNQYUCƒTUVVKOGCFQRVGTVQ
CRRN[VJGFGTGEQIPKVKQPTGSWKTGOGPVUKP+PF#5TGVTQURGEVKXGN[HTQOCFCVGQHVJG)TQWRŦUEJQQUKPIRTQXKFGFVJCV

347
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

VJGKPHQTOCVKQPPGGFGFVQCRRN[+PF#5VQƒPCPEKCNCUUGVUCPFƒPCPEKCNNKCDKNKVKGUFGTGEQIPKUGFCUCTGUWNVQHRCUV
transactions was obtained at the time of initially accounting for those transactions. The group has elected to apply
VJGFGTGEQIPKVKQPRTQXKUKQPUQH+PF#5RTQURGEVKXGN[HTQOVJGFCVGQHVTCPUKVKQPVQ+PF#5
#%NCUUKƒECVKQPCPFOGCUWTGOGPVQHƒPCPEKCNCUUGVU
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instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.
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0%+
Ind AS 110 requires that total comprehensive income should be attributed to the owners of the parent and the
NCI even if this results in the NCI having a negative balance. Ind AS 101 requires this requirement to be applied
prospectively from the date of transition to Ind AS. However if an entity elects to apply Ind AS 103 retrospectively to a
past business combinations, it has to also apply Ind AS 110 from the same date. The group has elected to apply Ind
AS 103 prospectively from 1st April 2015, being the transition date.
A.2) Ind AS optional exemptions
A.2.1) Deemed cost
 +PF#5RGTOKVUCƒTUVVKOGCFQRVGTVQGNGEVVQOGCUWTGCPKVGOQHRTQRGTV[RNCPVCPFGSWKROGPVCVVJGFCVGQH
VTCPUKVKQPVQ+PF#5CVKVUHCKTXCNWGCPFWUGVJCVHCKTXCNWGCUKVUFGGOGFEQUVKPVJGƒPCPEKCNUVCVGOGPVUCUCVVJGFCVG
of transition to Ind AS. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets
CPFKPXGUVOGPVRTQRGTV[EQXGTGFD[+PF#5+PXGUVOGPV2TQRGTVKGU#EEQTFKPIN[VJGITQWRJCUGNGEVGFVQOGCUWTG
land and buildings (including green / poly houses) at fair value as at transition date and use that fair value as deemed
cost for those assets. All other items of property, plant and equipment and intangible assets have been retrospectively
TGUVCVGFWUKPI+PF#52TQRGTV[RNCPVCPFGSWKROGPVCPF+PF#5+PVCPIKDNGCUUGVUTGVTQURGEVKXGN[
A.2.2) Business Combination
 +PF#5RTQXKFGUVJGQRVKQPVQCRRN[+PF#5RTQURGEVKXGN[HTQOVJGVTCPUKVKQPFCVGQTHTQOCURGEKƒEFCVGRTKQT
to the transition date. This provides relief from full retrospective application that would require restatement of all
business combinations prior to the transition date.
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Ind AS 101 provides the option to determine whether an arrangement existing at date of transition is, or contains,
a lease based on the facts and circumstances at that date and not at lease start date. Accordingly, the group has
elected to determine arrangement existing at the date of transition and not at lease start date.
A.2.4) Long Term Foreign Currency Monetary Items
The group has chosen to continue the policy adopted for accounting for exchange differences arising from translation
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DGHQTGVJGDGIKPPKPIQHVJGƒTUV+PF#5ƒPCPEKCNTGRQTVKPIRGTKQFCURGTVJGRTGXKQWU)##2CURGTOKVVGFD[+PF#5
A.2.5) Foreign currency translation reserve
The group has elected to reset the balance appearing in the foreign currency translation reserve to zero at April 1,
#EEQTFKPIN[VTCPUNCVKQPTGUGTXGDCNCPEGWPFGTRTGXKQWU)##2JCUDGGPVTCPUHGTTGFVQTGVCKPGFGCTPKPIU6JGTG
is no impact on the total equity as a result of this adjustment.
#,QKPVXGPVWTG6TCPUKVKQPHTQORTQRQTVKQPCVGEQPUQNKFCVKQPVQGSWKV[OGVJQF
As per Ind AS 101, when changing from proportionate consolidation method to equity method, an entity may measure
its investment in a joint venture at the date of transition as the aggregate of carrying amounts of assets and liabilities
that the entity had previously proportionately consolidated, including goodwill arising from acquisition. The resultant
amount is regarded as the deemed cost of the investment in the joint venture at initial recognition. The group has
opted to avail this exemption.
For the purposes of reporting as set out in note 2, we have transitioned our basis of accounting from Indian generally
CEEGRVGFCEEQWPVKPIRTKPEKRNGU
ũ+)##2ŪVQ+PF#56JGCEEQWPVKPIRQNKEKGUUGVQWVKPPQVGJCXGDGGPCRRNKGFKP
RTGRCTKPI VJG ƒPCPEKCN UVCVGOGPVU HQT VJG [GCT GPFGF st March 2017, the comparative information presented in
VJGUGƒPCPEKCNUVCVGOGPVUHQTVJG[GCTGPFGFst March 2016 and in the preparation of an opening Ind AS Balance
Sheet at 1st April 2015 (the “transition date”). In preparing our opening Ind AS Balance Sheet, we have adjusted
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HTQO +)##2 VQ +PF #5 JCU CHHGEVGF QWT ƒPCPEKCN RGTHQTOCPEG ECUJ HNQYU CPF ƒPCPEKCN RQUKVKQP KU UGV QWV KP VJG
following tables and the notes that accompany the tables. On transition, we did not revise estimates previously made
WPFGT+)##2GZEGRVYJGTGTGSWKTGFD[+PF#5 

348
 (All amount in ` Million, unless otherwise stated)
Reconciliation of equity as at 1 April 2015
Particular Footnote Amount as Effects of Amount as
ref. per IGAAP transition to per Ind AS
Ind AS
ASSETS
Non-current assets
Property, plant and equipment (net) 1, 14, 16 24,531.05 19,947.54 44,478.59
Capital work-in-progress 525.90 - 525.90
Intangible assets 16 519.61 30.64 550.25
Goodwill on consolidation 17 2,556.65 831.24 3,387.89
Investment property - - -
Equity Accounted investees 14 596.44 50.55 646.99
Financial assets
(i) Investments 2 24.16 1.24 25.40
(ii) Loans - - -
(iii) Other financial assets 3 1,321.65 32.03 1,353.68
Other non-current assets 6, 18 2,143.72 (1,247.34) 896.38
Deferred tax assets (net) 18 1,358.40 14.58 1,372.98
Total non-current assets 33,577.58 19,660.48 53,238.06
Current assets
Inventories 1(c), 10, 14 18,565.88 (270.55) 18,295.33
Biological assets 4 - 349.61 349.61
Financial assets
(i) Investments - - -
(ii) Trade receivables 5, 14 19,540.97 (145.63) 19,395.34
(iii) Cash and cash equivalents 14, 20, 21 3,010.00 (11.55) 2,998.45
(iv) Bank balances other then (iii) above 20, 21 31.11 9.13 40.24
(v) Loans 212.20 - 212.20
(vi) Other financial assets 3, 14 586.46 145.13 731.59
Income tax asset 353.53 - 353.53
Other current assets 1(b), 6 7,921.19 (67.54) 7,853.65
Total current assets 50,221.34 8.60 50,229.94
TOTAL ASSETS 83,798.92 19,669.08 103,468.00
EQUITY AND LIABILITIES
EQUITY
Equity share capital 924.83 - 924.83
Other equity 1 to 21 20,474.15 14,278.47 34,752.62
Equity attributable to owners of JISL 21,398.98 14,278.47 35,677.45
Non-controlling interests - -
Total Equity 21,398.98 14,278.47 35,677.45
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 6, 7 16,956.88 (386.98) 16,569.90
(ii) Other financial liabilities 3, 7, 15 369.21 987.55 1,356.76
Provisions 87.12 - 87.12
Deferred tax liabilities (net) 18 1,204.18 3,282.67 4,486.85
Total non-current liabilities 18,617.39 3,883.24 22,500.63
CURRENT LIABILITIES
Financial liabilities
i. Borrowings 5(b) 22,401.37 739.99 23,141.36
ii. Trade payables 14 13,568.27 (18.78) 13,549.49
iii. Other financial liabilities 3, 7, 14 5,408.00 (7.06) 5,400.94
Provisions 10 465.81 (278.28) 187.53
Income tax liabilities 63.08 - 63.08

349
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Particular Footnote Amount as Effects of Amount as

ref. per IGAAP transition to per Ind AS
Ind AS
Other current liabilities 1(b), 10, 14 1,876.02 1,071.50 2,947.52
Total current liabilities 43,782.55 1,507.37 45,289.92
Total liabilities 62,399.94 5,390.61 67,790.55
TOTAL EQUITY AND LIABILITIES 83,798.92 19,669.08 103,468.00
Reconciliation of equity as at 31 March 2016
ASSETS
Non-current assets
Property, plant and equipment (net) 1, 14, 16 24,617.98 19,733.44 44,351.42
Capital work-in-progress 16 603.70 0.06 603.76
Other intangible assets 16, 19 472.87 62.39 535.26
Goodwill on consolidation 17 2,928.08 512.24 3,440.32
Investment property - - -
Equity Accounted investees 14 623.57 55.35 678.92
Financial assets
(i) Investments 2 26.56 1.80 28.36
(ii) Loans - - -
(iii) Other financial assets 3 1,420.44 41.24 1,461.68
Other non-current assets 6, 18 2,169.74 (1,344.17) 825.57
Deferred tax assets (net) 18 1,594.83 22.13 1,616.96
Total non-current assets 34,457.77 19,084.48 53,542.25
Current assets
Inventories 1, 10, 14 19,199.37 (449.37) 18,750.00
Biological assets 4 - 314.07 314.07
Financial assets
(i) Investments 350.00 - 350.00
(ii) Trade receivables 5, 14 22,484.85 (742.14) 21,742.71
(iii) Cash and cash equivalents 14, 20, 21 3,781.01 (23.14) 3,757.87
(iv) Bank balances other then (iii) above 20, 21 27.14 10.06 37.20
(v) Loans 198.35 - 198.35
(vi) Other financial assets 3, 14 545.56 28.38 573.94
Income tax asset 440.15 - 440.15
Other current assets 1(b), 6 8,197.82 (119.96) 8,077.86
Total current assets 55,224.25 (982.10) 54,242.15
TOTAL ASSETS 89,682.02 18,102.38 107,784.40
EQUITY AND LIABILITIES
EQUITY
Equity share capital 953.03 - 953.03
Other equity 1 to 21 23,398.25 16,291.39 39,689.64
Equity attributable to owners of JISL 24,351.28 16,291.39 40,642.67
Non-controlling interests 1 692.01 332.94 1,024.95
Total Equity 25,043.29 16,624.33 41,667.62
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 6, 7 19,309.62 (3,111.87) 16,197.75
(ii) Other financial liabilities 3, 7, 15 488.90 671.80 1,160.70
Provisions 92.19 - 92.19
Deferred tax liabilities (net) 18 1,522.21 3,281.01 4,803.22
Total non-current liabilities 21,412.92 840.94 22,253.86
Current liabilities
Financial liabilities
i. Borrowings 5(b) 21,210.39 104.89 21,315.28
ii. Trade payables 14 13,423.49 (18.59) 13,404.90

350
 (All amount in ` Million, unless otherwise stated)

Particular Footnote Amount as Effects of Amount as

ref. per IGAAP transition to per Ind AS
Ind AS
iii. Other financial liabilities 3, 7, 14 5,937.62 (36.50) 5,901.12
Provisions 10 502.76 (286.76) 216.00
Income tax liabilities 86.47 86.47
Other current liabilities 1(b), 10, 14 2,065.08 874.07 2,939.15
Total current liabilities 43,225.81 637.11 43,862.92
Total liabilities 64,638.73 1,478.05 66,116.78
TOTAL EQUITY AND LIABILITIES 89,682.02 18,102.38 107,784.40
Reconciliation of Statement of Profit and Loss as on 31 March 2016
Revenue from operations 4, 10, 11 63,115.53 1,749.05 64,864.58
Other income 2, 3 199.60 133.24 332.84
Total Income 63,315.13 1,882.29 65,197.42
EXPENSES
Cost of materials consumed 4, 10, 14 35,699.28 (169.01) 35,530.27
Changes in inventories of Finished goods and work
4, 10 (693.11) 53.16 (639.95)
in progress
Excise duty on sales 11 - 1,642.20 1,642.20
Employee benefit expense 12 6,683.82 (19.78) 6,664.04
Depreciation and amortisation expense 1, 14, 19 2,635.77 334.63 2,970.40
3, 6, 7, 8,
Finance costs 4,768.82 141.29 4,910.11
17, 14
Other expenses 3, 5, 8, 14 13,253.39 231.60 13,484.99
Total expenses 62,347.97 2,214.09 64,562.06
Profit/(loss) before exceptional items and tax 967.16 (331.80) 635.36
Share of profit in associate net of tax 14 27.15 4.79 31.94
Profit/(loss) before tax 994.31 (327.01) 667.30
Tax expense
- Current tax 46.13 46.13
- Deferred tax 18 62.66 71.70 134.36
108.79 71.70 180.49
Profit/(loss) for the year 885.52 (398.71) 486.81
Other comprehensive income
(i) Items that will not be reclassified to profit or loss
- Remeasurements of defined benefit obligations 12 - 7.19 7.19
- Income tax relating to the above items 12 - (2.49) (2.49)
(ii) Items that will be reclassified to profit or loss
- Exchange differences on translation of foreign
16 - (346.70) (346.70)
operations
Other comprehensive income for the year, net of tax - (342.00) (342.00)
Total comprehensive income for the year 885.52 (740.71) 144.81

Impact of Ind AS adoption on the statement of cash flow for the year ended 31-March-2016
Footnote Previous Adjustments Ind AS
ref. GAAP
1(b), 1(c),
Net cash from operating activities 6,10, 14, 20, 3,298.25 1,105.49 4,403.74
21
Net cash (used in) investing activities 1(b), 1(c), 14 (2,853.91) 99.47 (2,754.44)
6, 10, 14,
Net cash generated from/(used in) financing activities 326.67 (1,220.24) (893.57)
20, 21
Net Increase/(Decrease) in cash and cash equivalents 14, 20, 21 771.01 (15.28) 755.73
Cash and cash equivalents as at the beginning of the
14, 20, 21 3,010.00 (23.96) 2,986.04
year
Cash and cash equivalents as at the end of the year 3,781.01 (39.24) 3,741.77

351
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Reconciliation of changes in cash and cash equivalent for the purpose of consolidated statement of cash flows
under Ind AS
Footnote 31-Mar-16 01-Apr-15
ref.
Cash and cash equivalent as per the previous GAAP 3,781.01 3,010.00
Unpaid Dividend account 21 (10.06) (9.13)
Bank Overdraft 20 (16.10) (12.41)
Joint Venture equity accounting 14 (13.08) (2.42)
Cash and cash equivalents for the purpose of statement of cash flows 3,741.77 2,986.04
Notes to Reconciliation
1) Property, plant and equipment
(a) Fair value as deemed cost for land and buildings
The Holding Company has elected to measure freehold land and buildings (including green / poly house) at fair value
as at the transition date to Ind AS. At the date of transition to Ind AS, land and building (including green / poly house)
have been fair valued to ` 16,542.15 and `TGURGEVKXGN[CPFCPKPETGCUGQH`CPF` 4,682.83 has been
recorded for land and building (including green / poly house) respectively. The carrying amounts of land and building
(including green / poly house) as per the previous gaap were ` 1,614.04 and `TGURGEVKXGN[
(b) Restatement as per Ind AS 16, Property, plant and equipment
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RQN[JQWUGUWUKPI+PF#52TQRGTV[RNCPVCPFGSWKROGPVTGVTQURGEVKXGN[6JGITQWRJCUCFLWUVGFIQXGTPOGPV
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(c) Capitalisation of spare parts
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Loss in the period in which they were issued for use. Under Ind AS, spare parts used over more than one period are
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adjustment on transition date retrospectively.
2) Investments
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VJTQWIJRTQƒVCPFNQUU
(862.CPFCFLWUVGFVJGCOQWPVUCUQPVTCPUKVKQPFCVG
&GTKXCVKXGKPUVTWOGPVU
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For accounting for principal only swaps and forward contracts taken against loans, at the inception of swap/forward
contract, the forward premium was separated and amortised as expense over the tenure of the contract. Under Ind
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adjusted the amounts as on transition date.
4) Biological assets
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Under Ind AS, as per Ind AS 41, the plants grown for tissue culture are considered as biological assets and have been
recorded at fair value less cost to sell. The group has recorded these adjustments retrospectively from the transition date.
5) Trade Receivables
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debts. As a result, The group has estimated lifetime expected credit losses and recorded the same as at the transition
date.
6) Borrowings
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and Loss over the tenure of the borrowing as part of the interest expense by applying the effective interest rate
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7) Embedded Derivatives
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VJGJQUVEQPVTCEVKUPQVCƒPCPEKCNCUUGVCPFEGTVCKPETKVGTKCCTGOGV6JGITQWRJCUTGXKGYGFVJGGSWKV[EQPXGTUKQP
option embedded in a convertible bond denominated in foreign currency and concluded the same to be an embedded
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was also restated using effective interest rate method.

352
 (All amount in ` Million, unless otherwise stated)
The group has reviewed the equity conversion option embedded in a convertible debentures and concluded the same
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liability component was also restated using effective interest rate method.
%QORQWPFKPUVTWOGPVU
The group has issued Compulsorily convertible debentures during the year ended March 31, 2016. Under the previous
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into separate equity and liability components. Accordingly, the group has recorded the compound instruments by
applying the requirements of Ind AS 32 and restated the balances accordingly.
9) Proposed Dividend
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dividend was recognised as a liability. Under Ind AS, such dividends are recognised when the same is approved by the
shareholders in the general meeting. Accordingly, the liability for proposed dividend as at 31st March 2016 and as at
1st April 2015 included under provisions has been reversed with corresponding adjustment to retained earnings.
10 )Provisions
The group has a practice of accepting sales returns. Accordingly under Ind AS, the group has recorded sales return
based on analysis of historical data of sales returns. The group has accordingly adjusted revenue for the year 31st
March 2016.
11)Excise Duty
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revenue from sale of goods is presented inclusive of excise duty. The excise duty paid is presented on the face of the
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4GOGCUWTGOGPVUQHRQUVGORNQ[OGPVDGPGƒVQDNKICVKQPU
Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts
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KPUVGCFQH%QPUQNKFCVGF5VCVGOGPVQH2TQƒVCPF.QUU7PFGTVJGRTGXKQWU)##2VJGUGTGOGCUWTGOGPVUYGTGHQTOKPI
RCTVQHVJGRTQƒVQTNQUUHQTVJG[GCT6JGTGKUPQKORCEVQPVJGVQVCNGSWKV[CUCVst March 2016.
(QTGKIPEWTTGPE[OQPGVCT[KVGOUVTCPUNCVKQPFKHHGTGPEG
(%/+6&#
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&##05[UVGOU,QKPV8GPVWTG
 7PFGTVJGRTGXKQWU)##2&CCP5[UVGOUKPEYCUENCUUKƒGFCULQKPVXGPVWTGCPFCEEQWPVGFHQTWUKPIVJGRTQRQTVKQPCVG
EQPUQNKFCVKQPOGVJQF7PFGT+PF#5&CCP5[UVGOUJCUDGGPENCUUKƒGFCU,QKPVXGPVWTGCPFCEEQWPVGFHQTWUKPIVJG
equity method. For the purposes of applying Equity method, the investment in Daan Systems inc., has been measured
as the aggregate of the carrying amounts of assets and liabilities that the group has previously consolidated.
Accordingly the carrying amounts of assets and liabilities, income and expenses (for the year ended 31st March
2016) and investment in equity accounted investees have been adjusted. This also had an impact of cash and cash
equivalents for the purpose of cash flow statements.
15)Foreign currency translation reserve
The group has elected to reset the balance appearing in the foreign currency translation reserve to zero at 1st April
#EEQTFKPIN[VTCPUNCVKQPTGUGTXGDCNCPEGWPFGTRTGXKQWU)##2JCUDGGPVTCPUHGTTGFVQTGVCKPGFGCTPKPIU6JGTG
is no impact on the total equity as a result of this adjustment.
16)Functional Currency
The group under Ind AS has determined the functional currency of Jain Europe Limited, UK and Jain Americas Inc.
1JKQ 75# VQ DG )$2 CPF 75& TGURGEVKXGN[ #EEQTFKPIN[ CNN VJG CUUGVU CPF NKCDKNKVKGU QH VJGUG GPVKVKGU JCXG DGGP
translated using the closing rates.
&KUEQWPVKPIQHNQPIVGTOFGHGTTGFEQPUKFGTCVKQP
The group has recorded the deferred consideration payable on acquisition of shares in NaandanJain Irrigation Ltd,
Israel at its fair value at the date of inception. Accordingly, the balance of goodwill and retained earnings at the date
of transition, arising in an unrestated business combination, has been adjusted.
&GHGTTGFVCZ
 7PFGT+PF#5/#6ETGFKVTGEGKXCDNGKUTGEQTFGFCUFGHGTTGFVCZCUUGVCPFJGPEGVJGITQWRJCUTGENCUUKƒGFVJGUCOG
under deferred tax assets. Further, deferred taxes have been recognised on the adjustments made on transition to Ind AS.
19)Amortisation of goodwill
 7PFGTRTGXKQWU)##2IQQFYKNNYCUCOQTVKUGF*QYGXGTWPFGT+PF#5)QQFYKNNKUVGUVGFHQTKORCKTOGPVCPPWCNN[
#EEQTFKPIN[VJGCOQTVKUCVKQPQHIQQFYKNNTGEQIPKUGFWPFGTRTGXKQWU)##2FWTKPIVJG[GCTGPFGFst March 2016 has
been reversed.

353
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

20)Bank overdraft
Under Ind AS, bank overdrafts repayable on demand and which form part of the cash management process are
included in cash and cash equivalents for the purpose of presentation of Statement of Consolidated Cash Flows.
7PFGTVJGRTGXKQWU)##2DCPMQXGTFTCHVUYGTGEQPUKFGTGFCURCTVQHQVJGTEWTTGPVNKCDKNKVKGU%QPUGSWGPVN[ECUJCPF
cash equivalents for the purpose of cash flows have reduced under Ind AS.
21)Unpaid dividend bank account
Under Ind AS, unpaid dividend bank accounts are not included in cash and cash equivalents for the purpose of
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as part of cash and cash equivalents. Consequently cash and cash equivalents for the purpose of cash flows have
reduced under Ind AS.

39) BUSINESS COMBINATIONS

(a) Summary of acquisitions
 1P1EVQDGTVJGRCTGPVGPVKV[VJTQWIJKVUYJQNN[QYPGFUWDUKFKCT[,CKP2TQEGUUGFHQQFVTCFKPICPFKPXGUVOGPV
RTKXCVGNKOKVGFCESWKTGFQHVJGKUUWGFECRKVCNQH&TKRVGEJ+PFKC2TKXCVG.KOKVGF6JG%QORCP[RTQFWEGUCHHQTFCDNG
high-quality irrigation systems designed for small-plot farmers. The Company caters both domestic and international
markets. Revenue of the said company is `KP
2;` 44.47).
Details of purchase consideration, the net assets acquired and goodwill are as follows.
(i) Purchase consideration
Purchase consideration Driptech India Private Limited
Cash paid 0.10
Total purchase consideration 0.10
(ii) asset and liabilities recognised as result of acquisitions
Driptech India Private Limited
Property, plant and equipments 4.75
Long term loans and advances 0.79
Deferred tax Asset (Net) 1.32
Inventories 1.50
Trade receivables 0.01
Cash and bank balances 1.96
Short term loans and advances 0.08
Other current assets 0.85
Long term provisions (0.54)
Short term borrowings (1.65)
Trade payables (4.02)
Other current liabilities (45.48)
(40.43)
(iii) Calculation of goodwill
Driptech India Private Limited
Consideration transferred 0.10
Non controlling interest acquired 10.10
Less : Net identifiable assets acquired (40.43)
Goodwill 30.43

Assets Purchases
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QH1DUGTXCPV2V[.VFCP#WUVTCNKCP%QORCP[,CKP#ITKEWNVWTG5GTXKEGU#WUVTCNKC2V[.VFKUQYPGFD[,CKP
Agriculture Services, LLC which is owned 100% by Jain Irrigation, Inc. The company is engaged in the business of
hardware and software development for farm weather management.
$'ZEGN2NCUVKE2KRKPI5[UVGOU5#5(TCPEGYCUHQTOGFKP/CTEJHQTVJGRWTRQUGQHRWTEJCUKPIVJGCUUGVUQH
7PKUVCT'WTQRG(TCPEG'ZEGN2NCUVKE2KRKPI5[UVGOU5#5KUQYPGFD[,CKP
'WTQRG.VF7-6JGEQORCP[
KUGPICIGFKPVJGFKUVTKDWVKQPQHRNCUVKEƒVVKPIUCPFRKRGUKPXCTKQWUEQWPVTKGUYQTNFYKFG
Details of purchase consideration, the net assets acquired and goodwill are as follows.

354
 (All amount in ` Million, unless otherwise stated)

Purchase consideration Observant Unistar

Pty Ltd Europe
(i) Purchase consideration
Cash paid 128.88 4.28
Total purchase consideration 128.88 4.28
(ii) Asset and (liabilities) recognised as result of acquisitions
Property, plant and equipments 2.97 0.71
Other intangible assets 77.73 -
Inventories 45.86 2.86
Trade receivables 7.63 -
Other current assets 3.33 -
Trade payables (2.82) (94.12)
Other current liabilities (24.80) -
109.90 (90.55)
(iii) Calculation of goodwill
Consideration transferred 128.88 4.28
Less : Net identifiable assets/(liabilities) acquired 109.90 (90.55)
Goodwill 18.98 94.83
(b) Subsidiaries
The group’s subsidiaries at 31 March 2017 are set out below. Unless otherwise stated, they have share capital that are
held directly by the group, and the proportion of ownership interests held equals the voting rights held by group. The
country of incorporation or registration is also their principal place of business
Name of entity Place of Ownership interest held Ownership interest Principal activities
business/ by the group held by non-controlling
country of interests
incorporation 31 31 01 31 31 01
Mar -17 Mar-16 Apr-15 Mar-17 Mar-16 Apr-15
% % % % % %
JISL Overseas Mauritius 100.00 100.00 100.00 - - - Investment arm
Limited
Jain International Netherland 100.00 100.00 100.00 - - - Investment arm
Trading BV
Jain Processed India 100.00 100.00 - - - - Marketing arms
Foods Trading &
Investments Pvt.
Ltd.
Jain Farm Fresh India 88.81 88.81 - 11.19 11.19 - Food Business
Foods Limited
Driptech India Pvt. India 75.00 75.00 - 25.00 25.00 - produces affordable,
Ltd. high-quality irrigation
systems designed for
small-plot farmers.
Jain ( Europe ) United Kingdom 100.00 100.00 100.00 - - - key marketing and
Limited. distribution arm in
the UK and other
European countries.
Jain International United Kingdom 100.00 100.00 100.00 - - - Marketing arms
Foods Limited (Erst.
SQF 2009 Limited)*
Ex-Cel Plastics Ireland 100.00 100.00 100.00 - - - manufacturing of
Limited plastic sheets
Jain America Foods United States of 100.00 100.00 100.00 - - - key marketing,
Inc. (Erstwhile Jain America distribution and
(Americas) Inc.) investment arm in
the United States for
Food business.
Jain America United States of 100.00 100.00 - - - - key marketing,
Holdings Inc. America distribution and
investment arm in
the United States for
Plastic sheet business

355
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Name of entity Place of Ownership interest held Ownership interest Principal activities
business/ by the group held by non-controlling
country of interests
incorporation 31 31 01 31 31 01
Mar -17 Mar-16 Apr-15 Mar-17 Mar-16 Apr-15
% % % % % %
Jain Irrigation United States of 100.00 100.00 100.00 - - - Investment arm
Holding Inc. America
Cascade United States of 100.00 100.00 100.00 - - - onion, garlic
Specialties Inc. America dehydration and
frozen foods business
JIIO (Erstwhile Jain United States of 100.00 100.00 100.00 - - - Investment arm
Irrigation Inc.) America
Jain Irrigation Inc. United States of 100.00 100.00 - - - - drip tape
America manufacturing and
distribution business
Jain Agricultural United States of 100.00 100.00 100.00 - - - Manufacture, Develop
Services, LLC. America and sells Moisture
monitoring system
Point Source United States of 100.00 100.00 100.00 - - - drip tape
Irrigation Inc. America manufacturing and
distribution business
Jain Overseas B.V. Netherland 100.00 100.00 100.00 - - - Investment arm
Netherland
Jain (Israel) B.V. Netherland 100.00 100.00 100.00 - - - Investment arm
Netherland
NaandanJain Israel 100.00 100.00 100.00 - - - manufacturing of drip
Irrigation Ltd. @ / sprinkler irrigation
Gavish Control Israel 51.00 51.00 51.00 49.00 49.00 49.00 manufacturing
Systems Ltd. of software and
computer equipment
for agriculture
applications
JISL Global SA Switzerland 100.00 100.00 100.00 - - - Investment arm
JISL Systems SA Switzerland 100.00 100.00 100.00 - - - Investment arm
Protool AG. # Switzerland 75.00 75.00 75.00 25.00 25.00 25.00 manufacturer of
plastic injection mould
THE Machines Switzerland 100.00 100.00 100.00 - - - manufacturer of
Yuvnand S.A. plastic extrusion
equipment with laser
technology.
Jain Agriculture Australia 100.00 - - - - - Hardware and
Services Australia software development
Pty Ltd. for farm weather
management
Excel Plastic Piping
France 100.00 - - - - - Plastics pipes
Systems SAS

Jain Sulama
Drip & Sprinkler
Sistemleri Sanayive Turkey - - 100.00 - - -
Irrigation
Ticaret A.S.##

“# The Holding Company through its step down subsidiaries has the option to buy the balance stake of minority shareholders
in these companies at a predetermined price or agreed valuation.
## From April 01, 2015 Jain Sulama Sistemleri Sanayive Ticaret A.S is being held by NaandanJain Irrigation Ltd., Israel

356
 (All amount in ` Million, unless otherwise stated)

*Subsidiaries of Jain International Foods Ltd. (Erstwhile SQF 2009 Ltd.) are as under:
Place of Ownership interest held by Ownership interest held by
business/ the group non-controlling interests
country of 31 31 01 31 31 01
incorporation Mar-17 Mar-16 Apr-15 Mar-17 Mar-16 Apr-15
Name of the subsidiaries % % % % % %

Sleaford Food Group Limited United Kingdom 100.00 100.00 100.00 - - -

Sleaford Quality Foods
United Kingdom 100.00 100.00 100.00 - - -
Limited
Arnolds Quick Dried Foods
United Kingdom 100.00 100.00 100.00 - - -
Limited
@ Subsidiaries & Joint Venture of NaandanJain Irrigation Limited, Israel are as under.
Name of entity Place of Ownership interest held by Ownership interest held by
business/ the group non-controlling interests
country of 31 31 01 31 31 01
incorporation Mar-17 Mar-16 Apr-15 Mar-17 Mar-16 Apr-15
Subsidiaries % % % % % %
Naan Dan Agro-Pro (Israel Israel 100.00 100.00 100.00 - - -
Company for Agricultural
Applications) Ltd
NaandanJain France Sarl France 100.00 100.00 100.00 - - -
NaandanJain Mexico, S.A. Mexico 100.00 100.00 100.00 - - -
De C.V.
NaandanJain Australia Pty Australia 100.00 100.00 100.00 - - -
Ltd.
NaandanJain S.R.L. Italy 100.00 100.00 100.00 - - -
Naandan Do Brasil Brazil 100.00 100.00 100.00 - - -
Participacoes Ltda. (holding
co)
NaandanJain Industria E Brazil 100.00 100.00 100.00 - - -
Comercio de Equipmentos
Ltd.
NaandanJain Iberica S.C. Spain 100.00 100.00 100.00 - - -
NaandanJain Peru S.A.C Peru 100.00 100.00 100.00 - - -
Jain Sulama Sistemleri Turkey 100.00 100.00 - - - -
Sanayi Ve Ticaret ##
NaandanJain Irrigation Romania 100.00 100.00 100.00 - - -
Projects S.R.L.
## From April 01, 2015 Jain Sulama Sistemleri Sanayive Ticaret A.S is being held by NaandanJain Irrigation Ltd., Israel

(c) Non-controlling interests (NCI)

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to the group. The amounts disclosed for each subsidiary are before inter-company eliminations
Jain Farm Fresh Foods Limited (11.19%)
31-Mar-17 31-Mar-16
Summarised Balance Sheet
Current assets 13,740.86 11,883.11
Current liabilities 9,927.22 8,737.49
Net current assets 3,813.64 3,145.62
Non-current assets 11,843.89 11,394.17
Non-current liabilities 5,924.92 5,374.95
Net non-current assets 5,918.97 6,019.22
Net assets 9,732.61 9,164.84
Accumulated NCI 1,089.08 1,025.55

357
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Jain Farm Fresh Foods Limited (11.19%)

31-Mar-17 31-Mar-16
Summarised Statement of Profit and Loss
Revenue 15,952.13 474.80
Profit for the year 604.93 43.59
Other comprehensive income (28.17) (14.37)
Total comprehensive income 576.76 29.22
Profit allocated to NCI 64.54 -
Dividend paid to NCI - -
Summarised cash flows
Cash flows from operating activities (726.80) 1,304.91
Cash flows from investing activities (2,032.49) (7,410.43)
Cash flows from financing activities 1,405.71 7,611.75
Net increase/(decrease) in cash and cash equivalents (1,353.58) 1,506.23

(d) Transactions with non- controlling interests

There are no transaction with non controlling interest in FY 2016-17 and FY 2015-16.
(e) Interests in associates and joint ventures
Set out below are associates and joint ventures of the group as at 31 March 2017 which in the opinion of directors are
material to the group. The entities listed below have share capital consisting solely of equity shares which are directly
held by the group.
Name of the Place of % of Relation- Accoun- Quoted fair value Carrying amount
entity business ownership ship ting 31 31 01 31 31 01
interests method Mar-17 Mar-16 Apr-15 Mar-17 Mar-16 Apr-15
Sustainable India 49% Associates Equity -* -* -* 737.17 623.58 596.44
agro commercial (1) method
finance limited #
Dansystems S.A. Chile 50% Joint Equity -* -* -* 51.83 55.34 50.55
venture(2) method
Total equity accounted investments 789.00 678.92 646.99
# Subsidiary till 30-Mar-2015 and associate company thereafter

5WUVCKPCDNGCITQEQOOGTEKCNƒPCPEGNKOKVGFKUC0$(%+VRTQXKFGƒPCPEKPICXCKNCDNGVQHCTOKPIUGEVQT
(2) Dansystems S.A. is a joint venture of NaanDanJain Irrigation Ltd., Israel.
* Unlisted entity- no quoted price available.
(i) Summarised financial information for associates and joint ventures
 6JGVCDNGDGNQYRTQXKFGUWOOCTKUGFƒPCPEKCNKPHQTOCVKQPHQTVJQUGLQKPVXGPVWTGUCPFCUUQEKCVGUVJCVCTGOCVGTKCNVQ
VJGITQWR6JGKPHQTOCVKQPFKUENQUGFTGHNGEVUVJGCOQWPVRTGUGPVGFKPƒPCPEKCNUVCVGOGPVUQHVJGTGNGXCPVCUUQEKCVGU
and joint ventures and not JISL’s share of those amounts. They have been amended to reflect adjustments made by the
entity when using the equity method, including fair value adjustments made by the entity when using the equity method,
KPENWFKPIHCKTXCNWGCFLWUVOGPVUOCFGCVVKOGQHCESWKUKVKQPCPFOQFKƒECVKQPUHQTFKHHGTGPEGUKPCEEQWPVKPIRQNKEKGU
Summarised Balance Sheet Sustainable agro commercial Dansystems S.A.
finance limited
31-Mar-17 31-Mar-16 01-Apr-15 31-Mar-17 31-Mar-16 01-Apr-15
Current assets
- Cash and cash equivalents 65.20 71.50 339.40 15.80 26.16 4.84
- Other assets 1,378.60 1,607.80 695.50 116.45 116.88 116.26
Total current assets 1,443.80 1,679.30 1,034.90 132.25 143.04 121.10
Total non-current assets 1,705.60 1,065.40 968.21 28.33 36.52 23.00
Current liabilities
- Other liabilities 527.30 170.00 50.80 34.98 41.52 43.00
Total current liabilities 527.30 170.00 50.80 34.98 41.52 43.00
Non-current liabilities
- Other liabilities 1,117.67 1,139.30 735.10
Translation Reserve 21.94 27.36
Total non-current liabilities 1,117.67 1,139.30 735.10 21.94 27.36 -
Net assets 1,504.43 1,435.40 1,217.21 103.66 110.68 101.10

358
 (All amount in ` Million, unless otherwise stated)

(ii) Reconciliation to carrying amounts

Sustainable agro Dansystems S.A.
commercial finance
limited
31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16
Opening net assets 1,435.40 1,217.21 110.68 101.10
Profit for the year 69.03 55.40 (5.54) 9.58
Other comprehensive income (1.48) -
Dividend paid -
Closing net assets 1,504.43 1,272.61 103.66 110.68

Group’s share in % 49% 49% 50% 50%

Group’s share in ` 737.17 623.58 51.83 55.34
Carrying amount 737.17 623.58 51.83 55.34
(iii) Summarised statement of profit and loss
Revenue 357.20 299.10 193.04 215.92
Profit for the year 51.84 72.59 (5.54) 9.58
Other comprehensive income - - (1.48) -
Total comprehensive income 51.84 72.59 (7.02) 9.58
Dividend received - - - -

40)Financial instruments – Fair values and risk management

A) Accounting classification and fair values
 6JG HQNNQYKPI VCDNG UJQYU VJG ECTT[KPI COQWPVU CPF HCKT XCNWGU QH ƒPCPEKCN CUUGVU CPF ƒPCPEKCN NKCDKNKVKGU KPENWFKPI
VJGKTNGXGNUKPVJGHCKTXCNWGJKGTCTEJ[+VFQGUPQVKPENWFGHCKTXCNWGKPHQTOCVKQPHQTƒPCPEKCNCUUGVUCPFƒPCPEKCNNKCDKNKVKGU
KH VJG ECTT[KPI COQWPV KU C TGCUQPCDNG CRRTQZKOCVKQP QH HCKT XCNWG 0QP%WTTGPV ƒZGF TCVG DQTTQYKPIU CTG GXCNWCVGF
D[VJGITQWRDCUGFQPRCTCOGVGTUUWEJCUKPVGTGUVTCVGUURGEKƒEEQWPVT[HCEVQTUCPFVJGTKUMEJCTCEVGTKUVKEUQHVJG
ƒPCPEGFRTQLGEV+PECUGQH0QPEWTTGPVXCTKCDNGTCVGDQTTQYKPIUYJKEJCTGTGUGVCVUJQTVKPVGTXCNUVJGECTT[KPIXCNWG
approximates fair value.
Carrying amount Fair value
FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total
Cost
31-MAR-17
NON CURRENT FINANCIAL ASSETS
Investment
Investment in equity 0.17 - - 0.17 0.17 - - 0.17
instruments (quoted)
(fully paid-up)
Investment in equity - 0.05 - 0.05 - 0.05 - 0.05
instruments (unquoted)
(fully paid-up)
National saving 0.01 - 0.01 - 0.01 - 0.01
certificates
Investment in Non- - 10.00 - 10.00 - 10.00 - 10.00
convertible bonds and
debentures (quoted)
Investment in mutual 12.00 - - 12.00 12.00 - - 12.00
funds (quoted)
Loans
Loans to others - 43.87 - 43.87 - - - -
Other Financial Asset
Derivative assets 24.25 - - 24.25 - 24.25 - 24.25
Deposits with maturity - - - - - - - -
of more than 12 months
Security deposits - 1,144.99 - 1,144.99 - - - -
Share application - 17.50 - 17.50 - - - -
money

359
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Carrying amount Fair value

FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total
Cost
Other receivables - 164.92 - 164.92 - - - -
36.43 1,381.33 - 1,417.76 12.17 34.31 - 46.48
Current Financial Asset
Trade receivables - 22,821.48 - 22,821.48 - - - -
Cash and bank - 2,660.79 - 2,660.79 - - - -
balances
Loans
Loans to related parties - 24.82 - 24.82 - - - -
Loans to Employees - 149.54 - 149.54 - - - -
Loans to other - 82.04 - 82.04 - - - -
Other Financial Asset
Derivative assets 27.92 - - 27.92 - 27.92 - 27.92
Security deposits
- To others - 34.99 - 34.99 - - - -
- To related parties - 449.49 - 449.49 - - - -
Interest receivable - 25.06 - 25.06 - - - -
27.92 26,248.21 - 26,276.13 - 27.92 - 27.92

Total financial assets 64.35 27,629.54 - 27,693.89 12.17 62.23 - 74.40

NON CURRENT FINANCIAL LIABILITIES
Borrowing - 22,198.97 - 22,198.97 12,894.32 8,190.29 1,382.26 22,466.87
Other financial liabilities
Derivative liabilities 525.52 - - 525.52 - 359.22 166.30 525.52
Other long term - 474.41 - 474.41 - - - -
liabilities
525.52 22,673.38 - 23,198.90 12,894.32 8,549.51 1,548.56 22,992.39
Current liabilities
Borrowings - 12,347.77 - 12,347.77 - 12,347.77 - 12,347.77
Trade payables - 15,380.24 - 15,380.24 - - - -
Other Current Financial Liabilities
Derivative liabilities 68.08 - - 68.08 - 68.08 - 68.08
Current maturities of - 5,788.08 - 5,788.08 - 5,788.08 - 5,788.08
long term borrowings
Interest accrued but not - 261.68 - 261.68 - 261.68 - 261.68
due on borrowings
Unpaid dividend - 10.82 - 10.82 - - - -
Capital creditors - 172.01 - 172.01 - - - -
Outstanding liabilities - 789.68 - 789.68 - - - -
for expenses
Liabilities towards - 658.95 - 658.95 - - - -
employee benefits
Security deposits - 464.41 - 464.41 - - - -
Others - 18.37 - 18.37 - - - -
68.08 35,892.01 - 35,960.09 - 18,465.61 - 18,465.61

Total financial 593.60 58,565.39 - 59,158.99 12,894.32 27,015.12 1,548.56 41,458.00

liabilities

31-MAR-16 FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total

Cost
NON CURRENT FINANCIAL ASSETS
Investment
Investment in equity 0.24 - - 0.24 0.24 - - 0.24
instruments (quoted)
(fully paid-up)

360
 (All amount in ` Million, unless otherwise stated)

Carrying amount Fair value

FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total
Cost
Investment in equity - 0.05 - 0.05 - 0.05 - 0.05
instruments (unquoted)
(fully paid-up)
National saving 0.01 - - 0.01 - 0.01 - 0.01
certificates
Investment in Non- - 15.00 - 15.00 - 15.00 - 15.00
convertible bonds and
debentures (quoted)
Investment in mutual 13.06 - - 13.06 13.06 - - 13.06
funds (quoted)
Other Financial Asset
Derivative assets 83.26 - - 83.26 - 83.26 - 83.26
Deposits with maturity - 24.32 - 24.32 - - - -
of more than 12 months
Security deposits - 1,180.23 - 1,180.23 - - - -
Share application - 17.50 - 17.50 - - - -
money
Other receivables - 156.37 - 156.37 - - - -
96.57 1,393.47 - 1,490.04 13.30 98.32 - 111.62
CURRENT FINANCIAL ASSET
Investments 350.00 - - 350.00 350.00 - - 350.00
Trade receivables - 21,742.71 - 21,742.71 - - - -
Cash and bank
- 3,795.07 - 3,795.07 - - - -
balances
Loans
Loans to related parties - 43.41 - 43.41 - - - -
Loans to Employees - 154.94 - 154.94 - - - -
Loans to other - - - - - - - -
Other Financial Asset
Derivative assets 28.38 - - 28.38 - 28.38 - 28.38
Security deposits
- To others - 43.08 - 43.08 - - - -
- To related parties - 497.31 - 497.31 - - - -
Interest receivable - 5.17 - 5.17 - - - -
378.38 26,281.69 - 26,660.07 350.00 28.38 - 378.38
Total financial assets 474.95 27,675.16 - 28,150.11 363.30 126.70 - 490.00
NON CURRENT FINANCIAL LIABILITIES
Borrowing - 16,197.75 - 16,197.75 - 14,884.78 1,312.97 16,197.75
Other financial liabilities
Derivative liabilities 435.83 - - 435.83 - 203.04 232.79 435.83
Other long term - 724.87 - 724.87 - - - -
liabilities
435.83 16,922.62 - 17,358.45 - 15,087.82 1,545.76 16,633.58
Current liabilities
Borrowings - 21,315.28 - 21,315.28 - 21,315.28 - 21,315.28
Trade payables - 13,404.90 - 13,404.90 - - - -
Other Current Financial Liabilities
Derivative liabilities 3.09 - - 3.09 - 3.09 - 3.09
Current maturities of - 3,729.07 - 3,729.07 - 3,729.07 -
long term borrowings 3,729.07
Interest accrued but not - 215.22 - 215.22 - 215.22 - 215.22
due on borrowings
Unpaid dividend - 10.06 - 10.06 - - - -
Capital creditors - 77.77 - 77.77 - - - -
Outstanding liabilities - 784.35 - 784.35 - - - -
for expenses

361
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Carrying amount Fair value

FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total
Cost
Liabilities towards - 641.62 - 641.62 - - - -
employee benefits
Security deposits - 409.88 - 409.88 - - - -
Overdrawn bank 16.10 16.10 - 16.10 - 16.10
balances
Others - 13.96 - 13.96 - - - -
3.09 40,618.21 - 40,621.30 - 25,278.76 - 25,278.76
Total financial 438.92 57,540.83 - 57,979.75 - 40,366.58 1,545.76 41,912.34
liabilities

31-MAR-15 FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total

Cost
NON CURRENT FINANCIAL ASSETS
Investment
Investment in equity 0.24 - - 0.24 0.24 - - 0.24
instruments (quoted)
(fully paid-up)
Investment in equity - 0.05 - 0.05 - 0.05 - 0.05
instruments (unquoted)
(fully paid-up)
National saving - 0.01 - 0.01 - 0.01 - 0.01
certificates
Investment in Non- - 15.00 - 15.00 - 15.00 - 15.00
convertible bonds and
debentures (quoted)
Investment in mutual 10.10 - - 10.10 10.10 - - 10.10
funds (quoted)
Other Financial Asset
Derivative assets 32.03 - - 32.03 - 32.03 - 32.03
Deposits with maturity - 3.78 - 3.78 - - - -
of more than 12 months
Security deposits - 1,123.16 - 1,123.16 - - - -
Share application - 17.50 - 17.50 - - - -
money
Other receivables - 177.21 - 177.21 - - - -
42.37 1,336.71 - 1,379.08 10.34 47.09 - 57.43
CURRENT FINANCIAL ASSET
Trade receivables - 19,395.34 - 19,395.34 - - - -
Cash and bank - 3,038.69 - 3,038.69 - - - -
balances
Loans
Loans to related parties - 40.67 - 40.67 - - - -
Loans to Employees - 171.53 - 171.53 - - - -
Other Financial Asset
Derivative assets 145.13 - - 145.13 - 145.13 - 145.13
Security deposits
- To others - 34.33 - 34.33 - - - -
- To related parties - 545.14 - 545.14 - - - -
Interest receivable - 6.99 - 6.99 - - - -
145.13 23,232.69 - 23,377.82 - 145.13 - 145.13
Total financial assets 187.50 24,569.40 - 24,756.90 10.34 192.22 - 202.56
NON CURRENT FINANCIAL LIABILITIES
Borrowing - 16,569.90 - 16,569.90 - 16,569.90 - 16,569.90
Other financial liabilities
Derivative liabilities 395.22 - - 395.22 - 395.22 - 395.22

362
 (All amount in ` Million, unless otherwise stated)

Carrying amount Fair value

FVTPL Amortised FVTOCI Total Level 1 Level 2 Level 3 Total
Cost
Other long term - 961.54 - 961.54 - - - -
liabilities
395.22 17,531.44 - 17,926.66 - 16,965.12 - 16,965.12
Current liabilities
Borrowings - 23,141.36 - 23,141.36 - 23,141.36 - 23,141.36
Trade payables - 13,549.49 - 13,549.49 - - - -
Other Current Financial Liabilities
Derivative liabilities 4.63 - - 4.63 - 4.63 - 4.63
Current maturities of - 2,950.63 - 2,950.63 - 2,950.63 - 2,950.63
long term borrowings
Current maturities of 5.37 - 5.37 - - - -
long term liabilities
Interest accrued but not - 249.55 - 249.55 - 249.55 - 249.55
due on borrowings
Unpaid dividend - 9.13 - 9.13 - - - -
Capital creditors - 150.10 - 150.10 - - - -
Payable against Slump - 436.39 - 436.39 - - - -
Sales
Outstanding liabilities - 840.44 - 840.44 - - - -
for expenses
Liabilities towards - 351.88 - 351.88 - - - -
employee benefits
Security deposits - 376.47 - 376.47 - - - -
Overdrawn bank 12.41 - 12.41 - 12.41 - 12.41
balances
Others - 13.94 - 13.94 - - - -
4.63 42,087.16 - 42,091.79 - 26,358.58 - 26,358.58
Total financial 399.85 59,618.60 - 60,018.45 - 43,323.70 - 43,323.70
liabilities
There are no other categories of financial instruments other than those mentioned above.
B) FAIR VALUE HEIRARCHY
Fair value is the amount for which an asset could be exchanged, or a liability settled between knowledgeable willing
parties in an arm’s length transaction. The group has made certain judgements and estimates in determining the fair
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follows:

Level 1: .GXGN  JKGTCTEJ[ KPENWFGU ƒPCPEKCN KPUVTWOGPVU OGCUWTGF WUKPI SWQVGF RTKEGU 6JKU KPENWFGU NKUVGF GSWKV[
instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments and bonds
which are traded in stock exchanges is valued using the closing price as at the reporting period. The mutual funds are
valued using the closing NAV.
Level 2:.GXGNJKGTCTEJ[KPENWFGUƒPCPEKCNKPUVTWOGPVUVJCVCTGPQVVTCFGFKPCPCEVKXGOCTMGV
HQTGZCORNGQXGTVJG
counter derivatives) is determined using valuation techniques which maximise the use of observable market data and
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in level 3 hierarchy.

C) VALUATION TECHNIQUE USED TO DETERMINE FAIR VALUE

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the use of quoted market prices or dealer quotes for similar instruments.
the fair value of forward foreign exchange contracts is determined using forward exchange rate at the balance sheet
date.

363
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

the fair value of embedded option contracts is determined using the Black Scholes valuation model or such other
acceptable valuation methodology
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acceptable valuation methodology
All of the resulting fair value estimates are included in level 2 or level 1 except for derivatives embedded in host
contract of compulsorily convertible debentures, where the fair values have been determined using Black-Scholes-
Merton formula under ‘Income Approach’ considering factors like stock price, strike price, time to expiration, volatility,
dividend yield and risk free interest rate.
D) FAIR VALUE MEASUREMENT USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)
The following table presents the changes in level 3 items for the periods ended 31 March 2017 and 31 March 2016:
Embedded derivative of CCD
AS AT MARCH 31, 2015 -
Issued during the year 232.79
(Gain) / loss recognised in the profit or loss -
(Gain) / loss recognised in the other comprehensive income -
As at March 31, 2016 232.79

AS AT MARCH 31, 2016 232.79

(Gain) / loss recognised in the profit or loss (66.49)
(Gain) / loss recognised in the other comprehensive income -
AS AT MARCH 31, 2017 166.30

Unrealised (gains) / losses recognised in profit and loss related to assets

and liabilities held at the end of the reporting period
March 31, 2017 (66.49)
March 31, 2016 -

E) VALUATION INPUTS AND RELATIONSHIP TO FAIR VALUE (LEVEL 3)

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value measurements. See note above for the valuation techniques adopted.

Particulars Fair value as at Significant Significant Sensitivity analysis

unobservable unobservable inputs / Inter-relationship
inputs value with the valuation
31-Mar-17 31-Mar-16 31-Mar-17 31-Mar-16
Derivative 166.30 232.79 Stock price 378.38 378.38 See note (i) below
embedded in Fulfillment of The valuation would be
host contract adjustment higher if the adjustment
of Compulsorily condition condition is not met
convertible Unexpired life 4 Years 5 Years The valuation would
debentures of Conversion increase if the
Option conversion period is
assumed to be longer.

(i) Sensitivity analysis:

Particulars Fair value as at
31-Mar-17 31-Mar-16
+ 2.5% increase in stock price 175.91 244.26
- 2.5% increase in stock price 156.91 221.52
The Black-Scholes-Merton formula under income approach has been applied to arrive at the fair value of derivative
embedded in host contract of Compulsorily convertible debentures. The yield on Government of India Bonds with similar
maturity period has been considered for the purpose of determining risk free rate for Valuation Date. Dividend yield has
not been considered for valuation. Further, the historical volatility in stock price of Jain Irrigation Systems Limited has
been considered over a period of unexpired life of the Conversion Option. It is considered that the adjustment conditions
shall be met and thus the unexpired life of Conversion Option as at Valuation Date has been considered to be 4 years as
at 31st March 2017.

364
 (All amount in ` Million, unless otherwise stated)
F) VALUATION PROCESS
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are accounted for at fair values.
Discounts rates are determined using the a capital assets pricing model to calculate a pre tax that reflects current
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 4KUMCFLWUVOGPVUURGEKƒEVQVJGEQWPVGTRCTVKGU
KPENWFKPICUUWORVKQPUCDQWVETGFKVFGHCWNVTCVGUCTGFGTKXGFHTQO
credit risk grading determined by the group’s internal credit risk management teams.
Changes in level 2 and level 3 fair values are analyzed at the end of each reporting period during the quarterly valuations
to understand the reasons for fair value movements.

41) FINANCIAL RISK MANAGEMENT

The group’s activities expose it to market risk, liquidity risk, and credit risk, which may have an adverse effects on its
ƒPCPEKCNRGTHQTOCPEG+PQTFGTVQOKPKOKUGVJGCFXGTUGGHHGEVUQPVJGƒPCPEKCNRGTHQTOCPEGQHVJGITQWRFGTKXCVKXG
ƒPCPEKCNKPUVTWOGPVUUWEJCUHQTGKIPGZEJCPIGHQTYCTFEQPVTCEVUCTGGPVGTGFVQJGFIGEGTVCKPHQTGKIPEWTTGPE[TKUM
exposures and interest rate swap, principal only swap to hedge variable interest rate exposures. The sources of risk,
YJKEJVJGGPVKV[KUGZRQUGFVQCPFJQYVJGGPVKV[OCPCIGUVJGUGTKUMUCPFVJGKTKORCEVQPƒPCPEKCNUVCVGOGPVUKUIKXGP
below:

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statements is given below:

Risk Exposure from Measurement

Credit risk Trade receivables, Cash and cash Aging analysis, Credit limits, Letters of
equivalents, derivative financial Credit ratings credit and diversification
instruments, financial assets measured of bank deposits
at amortised cost

Liquidity risk Borrowings, Trade payables and other Cash flow forecasts Availability of committed
liabilities credit lines and borrowing
facilities
Market risk - Foreign Foreign currency receivables and Cash flow forecasting Foreign exchange forward
Currency payables; and Sensitivity analysis contracts
Forecasted foreign currency
transactions

Market risk - Interest rate Long-term borrowings at variable Sensitivity analysis Interest rate swaps
interest rates

The group’s board of directors has overall responsibility for the establishment and oversight of the group’s risk
management framework. The board of directors have established the Risk Management Committee, which is responsible
for developing and monitoring the group’s risk management policies. The committee reports regularly to the Board of
Directors on its activities.
The board and risk management committee provides principles for overall risk management, as well as policies covering
URGEKƒECTGCUUWEJCUHQTGKIPGZEJCPIGTKUMKPVGTGUVTCVGTKUMETGFKVTKUMWUGQHFGTKXCVKXGƒPCPEKCNKPUVTWOGPVUGVE

[A] Credit risk

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meet its contractual obligations, and arises principally from the group’s receivables from customers and investment
securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of customers to which the group grants credit terms in the normal course of business. The group
establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of
trade and other receivables and investments.

Trade and other receivables

The group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer Credit risk
is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of
customers to which the Company grants credit terms in the normal course of business.

Credit terms are in line with industry trends.

365
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

Summary of the group’s exposure to credit risk by age of the outstanding from various customers is as follows:
31-Mar-17 31-Mar-16 01-Apr-15
Not yet due 10,397.35 10,320.27 6,513.08
Past due
- Past due 0 - 180 days 9,223.63 6,389.48 7,930.88
- Past due more than 180 days 4,758.73 6,747.18 6,400.85
24,379.71 23,456.93 20,844.81
Less: Impairment allowance (1,558.23) (1,714.22) (1,449.47)
Total 22,821.48 21,742.71 19,395.34
Expected credit loss assessment for customers as at 1st April 2015, 31st March 2016 and 31st March 2017

Exposures to customers outstanding at the end of each reporting period are reviewed by The group to determine incurred
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losses. Given that the macro economic indicators affecting customers of The group have not undergone any substantial
change, The group expects the historical trend of minimal credit losses to continue. Further, management believes that
the unimpaired amounts that are past due by more than 30 days are still collectible in full, based on historical payment
behaviour and extensive analysis of customer credit risk.

The movement in the allowance for impairment in respect of trade and other receivables during the year was as follows.
Amount
Balance as at 1st April 2015 1,449.47
Impairment loss recognised 326.24
Amounts written off (80.19)
Forex 18.70
Balance as at 31st March 2016 1,714.22
Impairment loss recognised 120.96
Amounts written off (267.31)
Forex (9.64)
Balance as at 31st March 2017 1,558.23
Cash and bank balance
 6JGITQWRJGNFECUJCPFDCPMDCNCPEGYKVJETGFKVYQTVJ[DCPMUCPFƒPCPEKCNKPUVKVWVKQPUQH`CPF`
as at 31st March 2017 and 31st/CTEJTGURGEVKXGN[6JGETGFKVYQTVJKPGUUQHUWEJDCPMUCPFƒPCPEKCNKPUVKVWVKQPU
is evaluated by the management on an ongoing basis and is considered to be good.

Derivatives
 6JGFGTKXCVKXGUCTGGPVGTGFKPVQYKVJETGFKVYQTVJ[DCPMUCPFƒPCPEKCNKPUVKVWVKQPEQWPVGTRCTVKGU6JGETGFKVYQTVJKPGUU
QHUWEJDCPMUCPFƒPCPEKCNKPUVKVWVKQPUKUGXCNWCVGFD[VJGOCPCIGOGPVQPCPQPIQKPIDCUKUCPFKUEQPUKFGTGFVQDG
good.

Investment in bonds / Non-convertible debentures

The group held investments in bonds/ non-convertible debentures of ` 10 and ` 15 as at 31st March 2017 and 31st March
2016 respectively The group limits its investment in bonds / non-convertible debentures in instruments having a credit
rating which indicates high credit quality. The group monitors the changes in credit risk.

[B] Liquidity risk

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availability of funding through committed credit facilities to meet the obligations when due.

Management monitors rolling forecasts of The group’s liquidity position (comprising the undrawn borrowing facilities
below) and cash and cash equivalents on the basis of expected cash flows. the group manages its liquidity risk by
preparing month on month cash flow projections to monitor liquidity requirements. In addition, The group projects cash
flows and considering the level of liquid assets necessary to meet these, monitoring the Balance Sheet liquidity ratios
CICKPUVKPVGTPCNCPGZVGTPCNTGIWNCVQT[TGSWKTGOGPVUCPFOCKPVCKPKPIFGDVƒPCPEKPIRNCPU

(i) Financing arrangements

The group has access to the following undrawn borrowing facilities at the end of the reporting period:

366
 (All amount in ` Million, unless otherwise stated)

31-Mar-17 31-Mar-16 01-Apr-15

Floating rate
- Expiring within one year (Cash credit and other facilities) 12,862.91 4,911.43 3,671.52
- Expiring beyond one year (loans etc.,) - - -
Fixed rate
Total 12,862.91 4,911.43 3,671.52

(ii) Maturities of financial liabilities

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maturities. The amounts disclosed in the table are contractual undiscounted cash flows, balances due within 12
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Carrying Less than 12 1 - 2 years 2 - 5 years More than
Amount Months 5 years
31-Mar-17
Non-derivatives
Borrowings (including interest 40,596.50 20,046.92 4,232.74 20,860.36 729.05
accrued but not due)#
Trade payables 15,380.24 15,380.24
Other financial liabilities 3,033.17 2,446.26 474.79 52.00 60.12
Financial guarantee contract* 640.00 248.00 248.00 144.00 -
Derivatives
Principal swap 25.40 49.71 33.15 42.65 -
Foreign currency forward contracts 123.68 68.08 55.60 - -
Total 59,798.99 38,239.21 5,044.28 21,099.01 789.17
31-Mar-16
Non-derivatives
Borrowings (including interest 41,457.32 26,270.75 7,585.91 8,688.30 962.83
accrued but not due)#
Trade payables 13,404.90 14,502.46 - - -
Other financial liabilities 3,068.73 2,272.57 744.16 52.00 -
Financial guarantee contract* 500.00 100.00 200.00 200.00 -
Derivatives
Interest rate swap / Principal only 2.54 2.56 - - -
swaps
Foreign currency forward contracts 46.26 - 27.70 65.98 -
Total 58,479.75 43,148.34 8,557.77 9,006.28 962.83
01-Apr-15
Non-derivatives
Borrowings (including interest 42,911.44 27,243.37 4,719.35 13,295.76 2,017.09
accrued but not due)#
Trade payables 13,549.49 13,549.49 - - -
Other financial liabilities 3,438.98 2,459.64 594.26 385.07 -
Financial guarantee contract* - - - - -
Derivatives
Interest rate swap / Principal only 68.59 8.70 62.05 106.54 18.98
swaps
Foreign currency forward contracts 49.95 2.17 - 34.47 79.53
Total 60,018.45 43,263.37 5,375.66 13,821.84 2,115.60
# Embedded derivatives have been considered as part of the borrowings for the purpose of maturity disclosures.
* Financial guarantees issued by the group on behalf of associates as on 31st March 2017 `640.00, 31st March 2016
` 500.00, 1st April 2015 ` Nil ), are with respect to borrowing raised by the respective entity. These amounts will be
payable on default by the concerned entity. As of the reporting date, none of the associates have defaulted and hence,
the group does not have any present obligation to third parties in relation to such guarantee.
[C] Market risk
(i) Foreign currency risk
Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices etc.
6JGITQWRQRGTCVKQPUKPXQNXGHQTGKIPGZEJCPIGVTCPUCEVKQPUKPENWFKPIKORQTVGZRQTVCUYGNNCUƒPCPEKPICPFKPXGUVOGPV

367
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

transactions and is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect
VQ75&'74)$2CPF%*((QTGKIPEWTTGPE[TKUMCTKUGUHTQOHWVWTGEQOOGTEKCNVTCPUCEVKQPUCPFTGEQIPKUGFKPCUUGVU
and liabilities denominated in foreign currency that is not Company’s functional currency (i.e., INR). The risk is measured
through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimise the volatility
of the INR cash flows of a high probable forecast transactions.

(a) Foreign currency risk exposure

The group’s exposure to foreign currency risk at the end of the reporting period expressed in INR, are as follows:

USD EUR GBP CHF Others Total

31-MAR-17
Financial assets
Investments 51.83 - - - - 51.83
Loans 12,378.61 324.39 - 48.40 - 12,751.40
Other Financial Assets 208.89 140.42 - - - 349.31
Trade receivables 2,231.93 2,181.98 296.70 - - 4,710.61
Less: export forwards (395.52) - - - - (395.52)
Cash and bank 184.32 202.38 0.07 2.34 0.95 390.06
Net exposure to foreign 14,660.06 2,849.17 296.77 50.74 0.95 17,857.69
currency risk (assets)
Financial liabilities
Borrowings (Including Current 30,146.26 20.58 - 577.53 - 30,744.37
Maturity)
Less POS & Forward (3,105.12) - - (242.47) - (3,347.59)
Other financial liabilities 724.38 24.76 - 23.86 0.76 773.76
Trade Payables 2,241.29 1,035.28 24.34 0.83 5.60 3,307.34
Less Import Forward (707.65) (290.84) - - - (998.49)
Net exposure to foreign 29,299.16 789.78 24.34 359.75 6.36 30,479.39
currency risk (liabilities)
(14,639.10) 2,059.39 272.43 (309.01) (5.41) (12,621.70)
Rupee Conversion Rate 64.84 69.25 80.88 64.83

31-MAR-16
Financial assets
Investments 55.34 - - - - 55.34
Loans 11,701.91 22.53 - 32.60 - 11,757.04
Other Financial Assets 862.92 7.15 - - - 870.07
Trade receivables 3,505.12 2,805.33 827.96 - - 7,138.41
Less Export Forward (398.00) (229.04) (242.47) - - (869.51)
Cash and bank 57.46 441.84 - 4.45 - 503.75
Net exposure to foreign 15,784.75 3,047.81 585.49 37.05 - 19,455.10
currency risk (assets)
Financial liabilities
Borrowings (Including Current 21,756.59 30.38 - 942.93 - 22,729.90
Maturity)
Less POS & Forward (1,767.77) - - - - (1,767.77)
Other financial liabilities 1,533.25 - - 24.34 - 1,557.59
Trade Payables 3,710.44 1,884.77 100.09 138.74 - 5,834.04
Less Import Forward (407.95) (259.08) - - - (667.03)
Net exposure to foreign 24,824.56 1,656.07 100.09 1,106.01 - 27,686.73
currency risk (liabilities)
(9,039.81) 1,391.74 485.40 (1,068.96) - (8,231.63)
Rupee Conversion Rate 66.33 75.10 95.09 68.83

01-APR-15
Financial assets
Investments 50.55 - - - - 50.55
Loans 10,517.21 15.80 - 35.80 - 10,568.81
Other Financial Assets 659.39 5.84 - - - 665.23

368
 (All amount in ` Million, unless otherwise stated)

USD EUR GBP CHF Others Total

Trade receivables 3,450.29 2,422.14 1,050.45 - - 6,922.88
Less Export Forward (751.09) (202.53) (416.07) - - (1,369.69)
Cash and bank 73.31 422.49 1.33 0.24 0.06 497.43
Net exposure to foreign 13,999.66 2,663.74 635.71 36.04 0.06 17,335.21
currency risk (assets)
Financial liabilities
Borrowings (Including Current 22,551.40 204.97 132.29 1,288.33 - 24,176.99
Maturity)
Less POS & Forward (1,880.85) - - - - (1,880.85)
Other financial liabilities 1,552.21 0.13 - 46.52 - 1,598.86
Trade Payables 3,229.63 1,417.94 157.60 24.86 1.32 4,831.35
Less Import Forward (302.00) (317.30) - - - (619.30)
Net exposure to foreign 25,150.39 1,305.74 289.89 1,359.71 1.32 28,107.05
currency risk (liabilities)
(11,150.73) 1,358.00 345.82 (1,323.67) (1.26) (10,771.84)
Rupee Conversion Rate 62.59 67.51 92.46 65.01

(b) Foreign currency sensitivity analysis

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ƒPCPEKCNKPUVTWOGPVU6JGHQNNQYKPIVCDNGUFGOQPUVTCVGVJGUGPUKVKXKV[VQCTGCUQPCDN[RQUUKDNGEJCPIGKP75&'74
)$2CPF%*(GZEJCPIGTCVGUYKVJCNNQVJGTXCTKCDNGUJGNFEQPUVCPV
Impact on profit after tax
31-Mar-17 31-Mar-16
USD
- Increase by 2% (191.53) (118.23)
- Decrease by 2% 191.53 118.23
EUR
- Increase by 2% 26.93 18.20
- Decrease by 2% (26.93) (18.20)
GBP
- Increase by 2% 3.56 6.35
- Decrease by 2% (3.56) (6.35)
CHF
- Increase by 2% (4.04) (13.98)
- Decrease by 2% 4.04 13.98
(ii) Cash flow and fair value interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is
VJGTKUMQHEJCPIGUKPHCKTXCNWGUQHƒZGFKPVGTGUVDGCTKPIKPXGUVOGPVUDGECWUGQHHNWEVWCVKQPUKPVJGKPVGTGUVTCVGU
Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate
because of fluctuations in the interest rates. In order to optimize the group’s position with regards to interest expenses
and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management
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Company endeavours to gradually reduce the exposure to variable interest rate borrowings. The group’s main interest
rate risk arised from long-term borrowings with variable rates, which expose the group to cash flow interest rate risk.
The group’s borrowings at variable rate were mainly denominated in INR, USD, EUR and CHF.
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FGƒPGFKP+PF#5UKPEGPGKVJGTVJGECTT[KPICOQWPVPQTVJGHWVWTGECUJHNQYUYKNNHNWEVWCVGDGECWUGQHEJCPIGKP
market interest rates.
 6JGITQWROCPCIGUKVUECUJHNQYKPVGTGUVTCVGTKUMD[WUKPIHNQCVKPIVQƒZGFKPVGTGUVTCVGUYCRU7PFGTVJGUGUYCRU
6JGITQWRCITGGUYKVJQVJGTRCTVKGUVQGZEJCPIGCVURGEKƒGFKPVGTXCNUVJGFKHHGTGPEGDGVYGGPƒZGFEQPVTCEVTCVGU
and floating rate interest amounts calculated by reference to the agreed notional principal amounts.

369
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

(a) Interest rate exposure : The exposure of The group’s borrowing to interest rate changes at the end of the reporting
period is as follows:
31-Mar-17 31-Mar-16 01-Apr-15
Variable rate borrowings 22,051.16 35,413.03 38,822.43
Fixed rate borrowings 18,283.66 5,829.07 3,839.46
Total 40,334.82 41,242.10 42,661.89
The group uses interest rate swaps to hedge a portion of our foreign currency borrowings. Our borrowings
denominated in Indian rupee bore interest at floating rates and are unhedged. As of 31st March 2015, 2016 and
2017, we had outstanding interest rate swap agreements in the amounts of Nil, `CPF` 508.36, respectively.
(b) Sensitivity 2TQƒVQTNQUUKUUGPUKVKXGVQJKIJGTNQYGTKPVGTGUVGZRGPUGHTQODQTTQYKPIUCUCTGUWNVQHEJCPIGUKP
interest rates. A reasonably possible change of 50 basis points in interest rates at the reporting date would have
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variables, in particular foreign currency exchange rates, remain constant.
Impact on profit after tax 31-Mar-17 31-Mar-16
Interest rates - Increase by 50 basis points (50 basis points) (109.78) (129.86)
Interest rates - decrease by 50 basis points (50 basis points) 109.78 129.86
(iii) Other market price risks
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portion of amounts invested in unquoted equity instruments other than subsidiaries, joint venture and associates.
The management monitors the proportion of equity instruments in its investment portfolio based on market indices.
(QTSWQVGFKPXGUVOGPVUECTTKGFCVHCKTXCNWGVJTQWIJRTQƒVCPFNQUUVJGKORCEVQHKPETGCUGKPVJGXCNWGQHRQTVHQNKQCV
VJGTGRQTVKPIFCVGQPRTQƒVQTNQUUYQWNFJCXGDGGPCPKPETGCUGQH` 0.01 after tax (2015-16: ` 0.01 after tax). An equal
EJCPIGKPQRRQUKVGFKTGEVKQPYQWNFJCXGFGETGCUGFRTQƒVQTNQUUD[` 0.01 after tax (2015-16: ` 0.01 after tax).

42) CAPITAL MANAGEMENT

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sustain future development of the business. Management monitors the return on capital as well as the level of dividends
to ordinary shareholders. The board of directors seeks to maintain a balance between the higher returns that might be
possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.
The group monitors capital using a ratio of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose, adjusted net debt is
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and cash equivalents. Adjusted equity comprises all components of equity.
The group monitors capital on the basis of the following gearing ratio:
Net debt (total borrowings net of cash and bank balance) divided by total ‘equity’ (as shown in the Balance Sheet, including
non controlling interests).
The group’s target is to maintain a debt equity ratio under 1:1. The gearing ratios were as follows:
31-Mar-17 31-Mar-16 01-Apr-15
Debt 40,334.82 41,242.10 42,661.89
Less: Cash & Bank balance (2,660.79) (3,795.07) (3,038.69)
Net Debt 37,674.03 37,447.03 39,623.20
Total Equity 42,666.64 41,667.62 35,677.45
Net Debt to equity ratio 88% 90% 111%
Metrics are maintained in excess of any debt covenant restrictions

43) Demonetisation
&WTKPIVJG[GCT6JGITQWRJCFURGEKƒGFDCPMPQVGUCUFGƒPGFKP/%#PQVKƒECVKQPFCVGFst March 2017 on the detail
QH 5RGEKƒGF $CPM 0QVGU  JGNF CPF VTCPUCEVGF  FWTKPI VJG RGTKQF HTQO th November 2016 to December 30, 2016, the
FGPQOKPCVKQPYKUG5$0CPFQVJGTPQVGUCURGTVJGPQVKƒECVKQPKUIKXGPDGNQY
Particulars SBNs * Other denomination notes Total
Closing cash in hand as on 08.11.2016 4.76 4.35 9.11
(+) Permitted receipts - 15.34 15.34
(-) Permitted payments - 15.71 15.71
(-) Amount deposited in Banks 4.76 - 4.76
Closing cash in hand as on 30.12.2016 - 3.98 3.98
(QTVJGRWTRQUGUQHVJKUENCWUGVJGVGTOť5RGEKƒGF$CPM0QVGUŦUJCNNJCXGVJGUCOGOGCPKPIRTQXKFGFKPVJGPQVKƒECVKQP
of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th
November, 2016.

370
 (All amount in ` Million, unless otherwise stated)

44) Additional information, as required under Schedule III to the Companies Act, 2013, of enterprises consolidated as
Subsidiaries / Associates for the Year Ended 31st March 2017
Sr. Name of Company Net Assets (total assets Share in profit or loss Share in other Share in total
minus total Liabilities) comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of Amount
Consolidated (` in Consolidated (` in Consolidated (` in Consolidated (` in
net assets million) profit or loss million) profit or loss million) profit or loss million)
Parent
1 Jain Irrigation Systems Ltd., India 62.39 25,939.92 69.85 1,230.94 71.10 (584.53) 68.75 646.41
Subsidiaries
Foreign
2 JISL Overseas Limited Mauritius 5.50 2,288.68 0.44 7.77 0.43 (3.51) 0.45 4.26
3 Jain International Trading BV, Netherlands 0.01 4.29 (3.63) (64.01) (3.52) 28.91 (3.73) (35.10)
4 Jain Overseas BV, Netherlands 2.26 938.27 (1.00) (17.64) (0.97) 7.97 (1.03) (9.67)
5 Jain (Israel) BV, Netherlands (0.14) (60.16) (7.15) (126.01) (6.92) 56.91 (7.35) (69.10)
6 JISL Global SA, Switzerland 0.22 90.06 0.03 0.54 0.03 (0.24) 0.03 0.30
7 JISL System SA, Switzerland 0.14 58.21 (0.02) (0.31) (0.02) 0.14 (0.02) (0.17)
8 Jain America Foods Inc., USA 2.40 997.17 (1.48) (26.06) (1.43) 11.77 (1.52) (14.29)
9 Jain America Holdings Inc., USA 2.57 1,067.63 (9.66) (170.28) (9.35) 76.90 (9.93) (93.38)
10 Jain (Europe) Ltd., UK 0.81 338.62 5.20 91.67 5.04 (41.40) 5.35 50.27
11 Jain Irrigation Holding Corp., USA (Consolidated) - - - - - - - -
12 Jain Irrigation Inc., USA (Consolidated) 2.85 1,186.23 (2.58) (45.38) (2.49) 20.50 (2.65) (24.89)
13 Cascade Specialities Inc., USA 0.56 232.44 (1.11) (19.52) (1.07) 8.81 (1.14) (10.70)
14 Naandan Jain Irrigation Ltd, Israel (Consolidated) 2.15 894.87 17.63 310.71 17.07 (140.33) 18.12 170.39
15 The Machines Yvonand SA, Switzerland 0.45 186.22 0.10 1.69 0.09 (0.76) 0.10 0.93
16 Jain International Foods Ltd., UK 0.94 389.36 3.04 53.55 2.94 (24.18) 3.12 29.37
17 Sleaford Quality Foods Ltd., UK (Consolidated) 0.96 398.04 3.26 57.49 3.16 (25.96) 3.35 31.53
18 ProTool AG, Switzerland (0.05) (18.81) 0.86 15.18 0.83 (6.86) 0.89 8.32
19 Ex-Cel Plastics Ltd, Ireland 0.01 3.50 0.58 10.14 0.56 (4.58) 0.59 5.56
20 Gavish Control Systems Ltd, Israel (0.07) (29.68) (0.28) (4.94) (0.27) 2.23 (0.29) (2.71)
21 Ex-Cel Plastics Piping Systems Ltd, France 0.03 12.21 (0.33) (5.90) (0.32) 2.66 (0.34) (3.23)

Indian
22 Driptech India Pvt. Ltd., India (0.04) (17.52) (0.01) (0.10) (0.01) 0.04 (0.01) (0.05)
23 Jain Farm Fresh Foods Ltd., India 14.14 5,877.19 25.00 440.52 25.06 (206.03) 24.94 234.49
Jain Processed Foods Trading & Investments
24 0.03 11.87 (0.02) (0.31) (0.02) 0.14 (0.02) (0.17)
Private Ltd., India
Associate
Foreign
25 Dansystems S.A. Santiago, Chile 0.12 51.83 (0.16) (2.77) 0.09 (0.74) (0.37) (3.51)

Indian
26 Sustainable Agro-Commercial Finance Ltd., India 1.77 737.17 1.44 25.40 - - 2.70 25.40

371
 Jain Irrigation Systems Ltd.

(All amount in ` Million, unless otherwise stated)

45) Disclosure pursuant to IND AS - 11 “Revenue from contracts with customers”

Particulars 31-Mar-17 31-Mar-16
Contract revenue recognised for the financial year 5,107.09 5,357.10
Aggregate of contract costs incurred and recognised profit (less recognised losses) upto 2,055.76 -
the reporting date for contracts in progress
Advances received for contracts in progress 11.49 -
Retention money for contracts in progress 33.62 -
Gross amount due from customers for contract work (asset) 4,586.67 4,592.27
Gross amount due to customers for contract work (liability) 699.63 204.80

46) OFFSETTING FINANCIAL ASSETS AND FINACIAL LIABILITIES

The group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting
agreements. In general, under such agreements the amounts owed by each counterparty on a single day in respect of all
transactions outstanding in the same currency are aggregated into a single net amount that is payable by one party to the other.
In certain circumstances - e.g. when a credit event such as a default occurs, all outstanding transactions under the agreement
are terminated, the termination value is assessed and only a single net amount is payable in settlement of all transactions.
The ISDA master netting agreement do not meet the criteria for offsetting in the balance sheet. This is because the
Company does not have any currently legally enforceable right to offset recognised amounts, because the right to offset is
enforceable only on the occurrence of future events such as a default on the bank loans or other credit events.
Gross and Related financial Net amount
Net amounts instruments that
of financial are not offset
instruments in the
Balance sheet
31-MAR-17
Financial assets
Derivate assets 52.17 (18.77) 33.40
Total
Financial liabilities
Derivative liabilities (149.09) 18.77 (130.32)
Total
31-MAR-16
Financial assets
Derivate assets 111.64 (28.38) 83.26
Total
Financial liabilities
Derivative liabilities (48.81) 28.38 (20.43)
Total
01-APR-15
Financial assets
Derivate assets 177.16 (32.04) 145.12
Total
Financial liabilities
Derivative liabilities (118.54) 32.04 (86.50)
Total

47) Comparative previous year’s figures have been reworked, regrouped and
reclassified to the extent possible, wherever necessary to confirm to current year’s
classification and presentation.
For and on behalf of the Board of Directors

Sd/- Sd/- Sd/- Sd/-

Avdhut V. Ghodgaonkar Anil B. Jain Ghanshyam Dass Manoj L. Lodha
Company Secretary Managing Director & CEO Director CFO
DIN 00053035 DIN 01807011
Date : May 24, 2017
Place : Jalgaon

372